Price increases on global oil markets and at UK forecourts add to concerns about rising inflation and its impact
Diesel prices in the UK hit a record 182.7p a litre on Saturday, taking the cost of filling up a 55-litre diesel car above £100 for the first time.Diesel prices in the UK hit a record 182.7p a litre on Saturday, taking the cost of filling up a 55-litre diesel car above £100 for the first time.The global oil price has risen above $120 a barrel as record high petrol and diesel prices in the UK add to concerns about the inflationary pressure that families and businesses are facing.
Analysts said rising oil prices could stir further inflation fears as the world economy absorbed the impact of the war. A sustained rise may also fuel higher profits for energy firms, coming after the UK government announced a £5bn windfall tax on North Sea oil and gas producers to help fund financial support for households struggling with the cost of living.
“Additionally, the EU Russian oil import ban is still a work in progress,, and if it gets over the line this week, expect supplies to tighten again. As such, the risks are now increasing of a move towards the post-Ukraine highs we saw in February.” . That drove inflation to its highest in decades in many economies, as heating and transport costs for households and businesses soared.hit a record 182.7p a litre on Saturday, according to data from Experian Catalist, taking the cost of filling up a 55-litre diesel car above £100 for the first time.
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