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Featured - ISA allowance
What is the 2024/25 ISA allowance?A new tax-year means a refreshed ISA allowance to allocate. Find out more about the 2024/25 ISA allowance...
Savings
ISAs
Mortgages
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - travel insurance
Travel insurance 2024Discover the best travel insurance policy for your next trip.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Featured - The triple lock explained
Could the value of your state pension rise by more than inflation?
Retirement
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
The cost of filling a 55-litre family car has now topped £98 for the first time in history.
The price of an unleaded litre of petrol could soon hit £2, warns the RAC.
“With analysts predicting that oil will average $135 a barrel for the rest of this year drivers need to brace themselves for average fuel prices rocketing to £2 a litre which would mean a fill-up would rise to an unbelievable £110,” said Simon Williams, Spokesperson for the RAC.
As of Monday, the average price of an unleaded litre of petrol hit 178.50. It now means the cost of filling a 55-litre family car with petrol has now topped £98 for the first time in history. If you wish to fill this car with diesel, a full tank would cost £101.86.
“The oil price is rising due to increased demand for fuel across the world as China eases its COVID-19 restrictions and America and Europe go into the peak summer driving season. All this combined with a weaker pound at $1.2 means wholesale fuel costs more for retailers to buy,” explained Williams.
The average price of unleaded rose to 174.02p for the month of May. This means the average price of unleaded rose by 11.61p when compared to the month of April according to the RAC.
“This is the second biggest monthly increase on record and comes despite the 5p-a-litre cut in duty,” said Williams.
In March, Chancellor Rishi Sunak announced the 5p fuel levy cut would take place with immediate effect.
In addition, the price of petrol has risen 24p a litre since Russia invaded Ukraine in February, which equates to a further £13 to fill up a 55-litre petrol car.
The increased price of fuel is also having an effect on consumer spending, with a report published by Barclaycard in April claiming it was the driving force behind an increased expenditure in the country.
“While it’s hard to imagine prices getting much worse, the wholesale price of petrol has now gone above diesel,” Williams observed.
Prices on motorways have already exceeded this price, with a litre of petrol costing 187.66p at the end of May, which is almost a 5.5p increase compared to the beginning of the month.
Northern Ireland is the most expensive part of the UK to buy fuel, averaging 175.01p a litre of petrol in May.
It is also the area which registered the highest growth in its prices over the last month, with petrol increasing 12.93p per litre.
As for the cheapest area to buy the same litre of fuel, the North East came out on top, averaging 172.82p per litre during the same period.
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The Financial Conduct Authority is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
The FCA is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
Are the new rules enough to attract high quality companies to the UK?
Are the new rules enough to attract high quality companies to the UK?
With the UK General Election taking place later this week (Thursday 4 July), we examine how some of the main parties’ policies could affect your personal finances if they were to form the next Government.
Find out what the Conservative and Labour Parties have planned for your taxes, savings and pensions.
The Financial Conduct Authority is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
The FCA is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
Are the new rules enough to attract high quality companies to the UK?
Are the new rules enough to attract high quality companies to the UK?
With the UK General Election taking place later this week (Thursday 4 July), we examine how some of the main parties’ policies could affect your personal finances if they were to form the next Government.
Find out what the Conservative and Labour Parties have planned for your taxes, savings and pensions.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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