Petrol prices are set to rise by an average of 5p per litre in the UK from December 1st.
UK drivers are bracing themselves for a Christmas of high fuel prices, with the average cost of petrol and diesel set to rise by 5p per litre from December 1st. The increase is due to rising oil prices, which have jumped around 50% since June 2018. The last time fuel prices rose so much was in 2014, when they increased by 6p per litre over the course of a year.
Why is petrol so expensive?
The cost of fuel is based on several factors, including the price of crude oil, which makes up around 80% of the cost. Oil is priced on world markets and this can change quickly depending on supply and demand. Crude oil production has been steadily increasing since 2016, with many countries increasing their output following OPEC’s agreement to cut production back in 2017. In addition to this, there has been a lot more focus on green energy sources in recent years, which has led to an increase in demand for electric cars and other green technologies.
