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Gasoline prices rise to new high of £1.50 a liter but drivers say NO panic buying

Gasoline prices have risen to a new high at £1.50 a liter – but drivers are advised NOT to panic buy.

According to the RAC, the price of diesel has also increased to 154.72pa liters on Monday.

Gasoline prices have risen to new highs at £1.50 per liter

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Gasoline prices have risen to new highs at £1.50 per literCredit: Alamy

Rising gas prices mean the average family spends £83 refueling their 55-litre car – while the total for a diesel is £85.

It marks a 1.5p increase since last Thursday and is a new record cost.

Oil price reached 103.19 USD/barrel after Putin declares war on Ukraine – this then led to a price increase, RAC spokesman Simon Williams told Sky News.

Russia is one of the world’s largest oil producers, and concern is growing about how the Ukraine crisis will affect the distribution and prices of supplies.

Mr Williams added: “Pump prices will continue to rise as retailers buy new goods at much higher prices.

“This week will be an important week for oil prices as it has the potential to reveal the speed of an inevitable uptrend or the degree of volatility in the market.”

Most read in The Irish Sun

Drivers should not stockpile fuel – this can cause demand to soar and thus potentially even higher costs.

In September last year, the UK experienced a petrol shortage that resulted in long queues at garages.

But Edmund King, president of the AA, said at the time that it was really panic-shopping and not supply-chain issues that caused fuel shortages at some gas stations.

As people fill up more often than usual, garages struggle to keep up with demand.

The crisis in Ukraine isn’t just driving up fuel costs – Britons could see their energy bills rise as well.

Russia is one of the world’s largest oil and gas producers, supplying Europe with about 40% of its gas.

While Britain only imports about 5% of its gas from Russia, the UK relies on pipelines that run through Belarus, Poland, Ukraine and to Germany.

If tensions with Russia continue, Putin may choose to jointly cut off supplies to Europe.

Households are currently facing pressure on their budgets due to the cost of living crisis and rising energy bills.

https://www.thesun.ie/motors/8435138/petrol-prices-soar-new-high/ Gasoline prices rise to new high of £1.50 a liter but drivers say NO panic buying

Fry Electronics Team

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