Why are gas prices rising again and how to save money?

Someone fills car with gasoline

The cost of living has risen again as fuel prices continue to soar (Picture: Getty)

The cost of filling up a family car with petrol or diesel exceeded £100 for the first time as fuel prices continue to rise across the country.

Back in March 2022 Chancellor Rishi Sunak announced a 5p fuel tax cut to help the cost of living crisis as prices hit record highs of 165.9p a liter for petrol and 177.3p for diesel.

However, despite the reduction, the gesture has long been overturned as the current average price level is above 180p for petrol and 186p for diesel.

So why are UK fuel prices rising so fast again?

Here are some of the top reasons.

Why are petrol prices rising again?

There are myriad factors that have contributed to the rising costs – the following are some of the most important.

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Ukraine and Russia War

Russia is one of the largest oil traders in Europe and also one of the largest energy producers and oil exporters in the world.

Gas pumps in a garage

Current petrol prices have been described as a “dark day for motorists” (Picture: Getty)

After the declaration of war and all the sanctions imposed on Russia, the US, UK and EU are doing their best to refrain from using fuel supplies from Russia.

This means there has been an increase in demand and price from alternative suppliers, which we are seeing at our dispensers.

While Britain gets just 8% of its oil from Russia, with plans to reduce this to zero by the end of 2022, the overall global price has skyrocketed.

Covid-19 pandemic

The price of crude oil has hit an all-time high in the wake of the Covid-19 pandemic.

After the lockdowns, the price of crude fell with demand, but as life returned to normal and demand rose, suppliers struggled to keep up with UK demands.

Therefore, the prices have risen in return.

A Derek pumps in an oil field

Crude oil prices have skyrocketed (Image: Joe Raedle/Getty)

Dollar Pound Exchange Rate

Crude Oil is paid for in US Dollars and the British Pound is currently weak against the Dollar.

Currently, one US dollar is about 81 pence, making fuel even more expensive.

What can you do against rising fuel prices?

While all drivers will be affected by the increase in fuel costs, there are a few ways you can help limit how badly it will affect you.

Automobile organization RAC has previously offered advice on how to save money as a driver, which will come in handy during this price hike.

They recommend not paying a premium for premium fuel as it’s unlikely you’ll notice a difference unless you’re driving a high-performance vehicle.

There are also ways to reduce the amount of fuel that is wasted when driving, e.g. B. by not stepping on the gas pedal when starting the car and by driving softly when it is cold RAC.

A photo taken on April 30, 2022 shows a petrol station owned by multinational oil and gas company Shell in Eltham, south-east London. - The UK was hit hard by skyrocketing gas and fuel prices following the invasion of Ukraine by major gas producer Russia. The UK has vowed to go carbon-free by 2050 but recently announced plans to drill for more fossil fuels in the North Sea to secure energy independence and cut Russian imports. (Photo by Ben Stansall/AFP) (Photo by BEN STANSALL/AFP via Getty Images)

There are little things you can do to save on gas (Picture: Getty)

Also a speaker for NetVoucherCodes explained Metro.co.uk: “If there are small things that can be done to stretch the fuel economy a little further, then they are definitely worth doing.

“Simple things like taking heavy objects out of the trunk – we’re all guilty of leaving things lurking in there – and checking tire pressure.

“Making some of these small changes and being aware of our driving habits can help us make our fuel last longer.”

MORE : When can you claim the winter fuel payment and who is eligible?

MORE : When will you get the £650 living allowance and do you need to apply?

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https://metro.co.uk/2022/06/12/why-are-petrol-prices-rising-again-and-how-can-you-save-money-16812848/ Why are gas prices rising again and how to save money?

Justin Scacco

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