Gasoline and diesel prices are rising to record levels again

Gasoline and diesel prices are rising to record levels again

Gasoline and diesel prices in the UK continue to rise as the cost of living crisis intensifies, figures show.

Statistics from the Experian Catalist data company state that the average cost per liter of petrol in British courtyards was 168.2 p. On Wednesday. up from 167.6 p per liter on Tuesday.

Diesel prices averaged 181 pence per liter on Wednesday, up from 180.9 pa a day earlier.

Retailers could be fined for price increases after the Office of Competition and Markets threatened to open a formal investigation into the sector.

“If there is sufficient evidence that the fuel tax reduction has not been passed on to consumers, it would mean that competition in this market is not working well,” said CEO Andrea Coscelli.

“In that case, we would consider opening a formal investigation that could ultimately lead to fines or legally binding commitments on companies to change their behavior.”

In March, the government across the country reduced the fuel tax on gasoline and diesel by 5 pence per liter for 12 months, a saving that should have been passed on to customers, but prices have risen anyway.

The automotive group AA stated that petrol prices reached their highest levels on Sunday, when petrol was 180.29 p, but prices exceeded these levels earlier this week.

The report comes after money-saving expert Martin Lewis predicted an increase in the energy price cap this winter from GBP 1,971 to GBP 2,600, with wage increases scheduled for October.

He told ITV Robert Peston that he feared civil unrest if the cost-of-living crisis lasted much longer.

New Chief Police Inspector Andy Cooke said yesterday that the impact of poverty would increase crime, and told police officers to use their own discretion when deciding to arrest people for stealing food.

However, Police Secretary Kit Malthouse said police officers should enforce the law in all cases.

Discount chains such as Aldi and Iceland have increased the price of the average item in their stores over the past 12 months by more than larger chains such as Tesco, Sainsbury’s, Asda and Morrisons.

The average item now costs 31 pence more than 12 months ago in Iceland – an increase of 11 percent – while Aldi prices rose by an average of 19 pence – an increase of 9.6 percent.

The Big Four supermarkets, Asda, Tesco, Sainsbury’s and Morrisons, maintained an average price increase of around 3%.

The Consumer Price Index measures how many goods and services bought in Britain each day have risen and is used as an indicator of inflation.

The sharp rise in energy bills and other households has been the driving force behind the recent sharp rise in inflation

During the distrustful talks, Finance Committee Chairman Mel Stride asked if the bank had “fallen asleep behind the wheel” of soaring inflation.

Northern Ireland Minister Brandon Lewis (left) said he was “surprised” that Andrew Bailey (right) had decided to use sharp language when discussing the threat of inflation with MEPs yesterday.

Inflation reached 9 percent on Wednesday, the highest level since 1982. Unemployment rose to over three million in 1982 for the first time since the 1930s, meaning that one in eight people was out of work.

The crippling inflation facing the British today is the worst since the 1970s, when clothing costs rose by 500% in ten years, electricity bills quadrupled and a pint of bitter tripled.

If prices were to follow the same trajectory over the next ten years, average monthly mortgage payments would increase from £ 700 to £ 4,300 by 203, or 513 percent.

In an effort to deal with inflation, the Bank of England raised interest rates to a record 17 percent, crippling the housing market and leading to huge mortgage payments.

The Bank of England was under ministerial control at the time, but became independent in 1997, which means that the current government has limited control over the decision to raise the base rate – unlike Margaret Thatcher’s life in Britain.

In 2022, the Bank of England expects inflation to rise to 10.25 percent by the end of the year, before falling again – but critics are skeptical that the inflation ceiling will be hit so soon.

Shadow Labor Minister for Labor and Pensions Jonathan Ashworth, meanwhile, said real wages were now almost £ 300 lower than they were 15 years ago, before the Great Recession of 2007-09.

Ministers are examining a triple tax cut to ease the cost-of-living crisis, with Chancellor Rishi Sunak drawing up plans in July to help with energy bills or tax cuts for councilors.

Boris Johnson is also reportedly considering emergency tax cuts for poorer families this summer, with a change in Universal Credit rules that will allow three million workers to keep more of their earnings.

The Bank of England predicted that inflation would continue to rise, reaching 10.25 percent by the end of the year – before falling again


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