The price of gas is expected to rise again on October 28th, but experts are unsure why.
Gas prices are expected to rise again on October 28th, but experts are unsure why. There have been several suggestions as to why the price of gas has been rising over the past few months, including a new pipeline coming online in January 2021 and the recent passing of a new law that will see some vehicles banned from driving in cities.
Why is gas so expensive?
The cost of gasoline and other fossil fuels is determined by several factors. The cost of oil has risen significantly over the past few years, which accounts for part of the increase in gas prices. Another factor is supply and demand: when there’s less oil available, prices tend to go up. And finally, taxes on gasoline can affect its price.
What’s causing the current increase?
Gas prices rose by 2 pence per litre on October 27th, meaning that a litre now costs an average of £1.26 ($1.69). Prices have been steadily increasing since April 2021 when they were £1 ($1.40) per litre and reached their highest point in history at £1 ($1.40) per litre in August 2021.
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