Petrol prices hits record high; Supermarkets ‘tripled profit margins’

Average UK petrol prices have surpassed 148p for the first time, according to new figures.

According to the Automobile Association (AA), petrol jumped to 148.02p per litre on Sunday (13), rising above the previous record high of 147.72p from November 21 last year.

Meanwhile, the cost of diesel has also increased to a new record high of 151.57p per litre, which it struck last week.

Last week, the prices passed the previous record set on November 20 of 151.10p a litre. This week marks the ninth consecutive week of gains for oil prices, with analysts betting prices will reach record high by the end of the week, reports said.

“The cost of living crisis has been ratcheted up yet another notch, tightening the vice on family spending when it faces other pressures from impending domestic energy cost and tax increases,” Luke Bosdet, the AA’s fuel price spokesman, said.

Prices have soared on the back of wholesale fuel prices, which have jumped amid a resurgence in demand following the reopening of global economies, but have also been spurred in recent days by concerns that Russian tensions could have an impact on supply.

“Petrol has unfortunately hit a frightening new high of 148.02p, which takes filling a 55-litre family car to an eye-watering £81.41,” RAC fuel spokesman Simon Williams said.

“With the oil price teetering on the brink of 100 dollars a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks.”

The news comes amid claims in Sunday Times report that soaring oil prices are leading to bumper profits on petrol sales at Britain’s biggest supermarkets.

Profit margins on petrol sales have nearly tripled since 2019 at the big four food retailers, according to data from RAC, which shows that margins widened to 8.6 per cent last month, up sharply from the 3.2 per cent registered three years ago.