Daily Management Review

UK sees biggest fuel price hike in 23 years


UK citizens will face one of the largest fuel price increases in 23 years.

According to the British Motorists' Association RAC, British citizens will experience one of the largest one-month increases in petrol prices in 23 years as a result of growing oil prices.

According to a news statement on the organization's website, "the price of a litre of gasoline soared by almost seven pence (6.68p) in August, while the price of diesel rose sharply by eight pence, representing the fifth and sixth largest monthly increases in 23 years."

Thus, the price of filling up a full tank of gasoline or diesel in a car increased in the country by almost four or 4.5 pounds in a month.

In the first half of 2022, against the backdrop of the Russian invasion in Ukraine, record price increases were reported; they stabilized later.

The press release notes that the hike resulted from the decision by OPEC+ countries to cut oil production.

source: ft.com