Simon Williams, a spokesman for RAC Fuel, said: “These are unprecedented times in terms of accelerating the cost of cutting-edge fuel. Unfortunately, it looks like we are still a long way from the top.”
The car company said Asda had raised the average price from abroad by almost 5p in a single day. He warned that the measure would likely encourage rival supermarkets, which dominate fuel retail, to increase their prices as well.
But rival AA blamed RAC’s “reckless speculation” on rising fuel prices, and plunged the two major British engines into a row amid a deeper crisis for drivers.
Earlier this week, the RAC warned motorists to prepare for prices to reach £ 2 a liter after Goldman Sachs forecast average oil prices of $ 135 a barrel for the rest of the year.
Although the AA said the rise in the price of the bomb “was not unexpected”, he argued that the “reckless speculation” of his rival only raised prices.
Luke Bosdet of the AA said: “Reckless speculation is causing a bomb price scam. The jump of more than 2p per liter yesterday in average petrol prices in the UK is a big shock and the concern of fuels that one-pound speculation will only grant the fuel trade license to accumulate additional costs and misery. “
The RAC refuted the accusation and said retailers based their prices on wholesale costs rather than speculation.
Oil prices have risen steadily in recent months as the Russian invasion of Ukraine provokes fears about supply, increasing the rise in demand as economies recover from the pandemic.
Brent crude has risen above $ 120 a barrel this week amid doubts that rising production targets among major producers will help alleviate reduced supply.
Rising costs in playgrounds are exacerbating inflation and increasing pressure on family budgets as the cost of living crisis escalates.
Data released by the Business Department this week showed that UK fuel prices have quadrupled the rate of inflation.
Williams, of the RAC, said “government intervention was urgently needed,” such as a reduction in the fuel tax or a reduction in VAT.
He said: “As it stands, drivers will probably not be able to cope unless something is done to help.
“This is fast becoming a national crisis for the country’s 32 million car drivers, as well as for countless companies.”