UK oil prices are at an all-time high under pressure from the oil market

UK oil prices are expected to rise further in the coming weeks, hitting high-stakes households and small businesses, and the global energy crisis will push oil markets up to three years in the coming weeks.

The average daily price of a liter reached 142.94p on Sunday, Data from RAC / Experian indicates that on April 16, 2012, more than the record of 142.48 p.m.

The new peak, predicted by analysts over the weekend, was about 28p liters a year ago, up from 28p liters a year ago. The family car cost more than £ 15 to fill the 55-liter tank to £ 78.61 £ 63 last October, adding to the financial burden on the family this summer.

Oil prices have risen sharply in line with global oil prices, more than doubling a year ago by about $ 40 a barrel, due to a sudden increase in energy demand in recent weeks.

On Monday afternoon, the price of Brent crude reached $ 86.50 per barrel – the highest since October 2018 – which could lead to further price increases for pumps.

“It’s a really dark day for drivers,” said RAC spokesman Simon Williams.

He added: “Now the big question is where does it stand and at what price does gasoline sell? If oil reaches $ 100 a barrel, we can easily get it at an average price of about 150 liters per liter.

Small businesses are also expected to bear the brunt of oil prices.

This week, Chancellor Rishi Sunak, who is presenting the government’s harvest budget, called on major retailers to temporarily reduce VAT on the per liter of gasoline.

Although many people are not able to drive because of the epidemic, drivers tell us that they also rely on their cars, and many simply have no choice but to drive. Low-income, hard-working people are struggling to make ends meet, ”says Williams.

Amy Baker, owner of Halo Beauty and Holistic Therapy, a mobile and salon-based beauty business, said the price of petrol was “another hammer blow” following the damage caused by the CVD-19 epidemic.

“I’ve still been hit by these extra costs and my chances of getting back on track. Now I have no choice but to cut back on my cell phone,” Baker said.

Beer tasting company Jazz Lamb, founder of the brewery company, said the “undoubted” shipwreck would hurt the rise in oil prices. “But are we going to pass this on to our valued customers elsewhere? It is still another headache and a challenge to overcome, ”said Lamb.

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US bank Goldman Sachs predicted last month that global oil prices could continue to rise to $ 90 a barrel by the end of the year, while rival US Bank said it could hit $ 100 a barrel in the cold winter months. .

Goldman’s global demand for oil is expected to reach 100 meters a day, as Goldman’s food demand continues to rise after the Delta Cowid-19 storm. In recent months, the bank expects major energy consumers to use an additional 1 meter per barrel of oil a day to replace more expensive gas.

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