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British Citizens Face Largest Monthly Fuel Price Increase in 23 Years Due to Rising Oil Prices – RAC Announcement

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British Citizens Face Steep Increase in Fuel Prices

The British Automobile Association (RAC) has announced that British citizens are currently experiencing one of the largest monthly increases in fuel prices in the past 23 years, primarily due to rising oil prices.

Significant Hike in Gasoline and Diesel Prices

According to the union’s statement, the price of a liter of gasoline has risen by approximately seven pence (6.68 pence) in August of last year, while diesel prices have surged even higher by eight pence. These figures represent the fifth and sixth highest monthly growth rates witnessed in the past 23 years.

Impact on Car Owners’ Expenses

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The union further highlights that the cost of filling up a gasoline car’s tank has increased by around £4 per month, while diesel car owners are facing an additional expense of approximately £4.50.

Reasons Behind the Price Surge

This sharp increase in fuel prices can be attributed to the decision made by OPEC + countries to reduce oil production, resulting in a rise in oil prices.

Additional Financial Strain for British Drivers

It was previously reported that car insurance costs in Britain soared by 21% during the second quarter of 2023 compared to the same period in the previous year, reaching record levels.

Source: News

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