Gasoline prices continue to rise to a new record, adding 0.6p in 24 hours

Gasoline prices set a new record of 178.5 pa per liter on Tuesday morning, rising 0.6 p in just 24 hours.

The price of diesel has also risen to 185.2 per liter.

This is the third time in six days that a new high has been reached.

With the slowdown in fuel supplies in recent weeks due to bottlenecks at refineries around the world and rising oil prices caused by Russia’s invasion of Ukraine, experts warn that oil prices are likely to continue to rise.

Pump prices have been hitting record highs every few days for the past few weeks.

Last week, EU leaders agreed to cut Russia’s oil imports by 90 percent by the end of the year, imposing the bloc’s most punitive sanction so far in Moscow since its invasion of neighboring Ukraine in March. .

The development caused oil prices to soar to more than $ 124 a barrel, the highest level in three months.

But pump prices are also driven by a shortage of gasoline and diesel, a type of refined crude oil.

There has been a sharp increase in fuel demand as global restrictions on COVID-19 have been removed and returned to pre-pandemic levels. This, along with a reduction in refining capacity, has created a shortage that is increasing the cost.

During the Platinum Jubilee weekend, drivers planned about 19.5 million car trips, according to the RAC.

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