According to the most recent data, petrol and diesel prices in the Great Britain reached new all-time highs over the weekend. According to media reports, the average price of petrol was 148.02 pence ($2) per litre, while the average price of diesel was 151.57 pence per litre, both topping previous records established in November 2021. "Petrol has unfortunately hit a frightening new high of 148.02 pence, bringing the cost of filling a 55-litre family car to an eye-watering 81.41 pounds," said Simon Williams, a RAC fuel spokesman.

The increased costs are due to tensions between Russia and Ukraine, as well as "oil production remains out of whack with demand as the world emerges from the pandemic."

"The cost of living problem has been ratcheted up even another notch, tightening the vise on family spending at a time when it confronts other pressures from anticipated domestic energy costs and tax rises," fuel price expert Luke Bosdet told the press.
Inflation in the United Kingdom reached a 30-year high of 5.4 percent in December 2021, and is anticipated to rise to close to 6% in February and March before peaking at roughly 7.25 percent in April, according to the Bank of England.

On Monday, the RAC cautioned that fuel prices are set to rise higher. "With the oil price teetering on the brink of $100 a barrel and retailers keen to pass on the wholesale fuel price hike as soon as possible," Williams wrote, "new records might be set on a daily basis in the coming weeks."

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