UK seeing largest fuel spike in 23 years
In a press release, RAC, a UK automotive business, details that the price of petrol "rocketed by nearly 7p (6.68p) a liter in August while diesel shot up by 8p."
According to the UK automotive services business, RAC, on Monday, the price of a liter (0.26 gallons) of petrol increased by about 7 pence ($0.08) and the price of a liter (0.26 gallons) of diesel increased by 8 pence in August.
In a press release, the company detailed that the price of petrol "rocketed by nearly 7p (6.68p) a liter in August while diesel shot up by 8p, making for the fifth and sixth biggest monthly rises in 23 years."
As a result, the cost of refilling a full tank of gasoline in the UK has jumped by over four pounds in a month, while the cost of refueling with diesel has increased by about 4.5 pounds.
Such high increases in gasoline costs were previously observed in the first half of 2022, following the commencement of the war in Ukraine, after which prices began to settle, the RAC noted.
According to the corporation, the latest increase was driven by rising oil prices as a result of OPEC+ member nations' agreement to limit oil output amounts.
In August, the media reported that the cost of car insurance in the United Kingdom had reached a new high, rising by 21% in the second quarter of 2023 compared to the same time the previous year.