Petrol price above 150p a litre: comment

“Rising costs at the pump will add hundreds of pounds to the running costs of the average British driver, highlighting the impact of our dependence on volatile energy markets over which we have no control. Meanwhile, many of the drivers of the 1.8m EVs drivers now on the UK’s roads will be shielded from these price shocks - is it any wonder that we’re seeing a surge in interest in EVs, both in the UK and abroad? [2] [3]

“Accelerating the transition to EVs – increasingly powered by electrons generated by British wind and solar farms – is the best way the UK can end its dependency on foreign oil, and protect its drivers from these sudden spikes in fuel costs. Oil is traded internationally, so trying to squeeze more out of the North Sea will have little impact on the price paid at the pump”. 

Recent analysis by the ECIU predicted that oil trading at $100 could see petrol rising from £1.32 per litre before the war started, to £1.50 [4] - increasing the cost of fuelling a petrol car from £1220 a year before the war started, to £1390. [5] If the predictions we have seen in some quarters that oil could hit $150 a barrel become a reality, the price of petrol could jump to £1.90 a litre. [6] Were this to happen, the cost of fuelling a petrol car would jump by £540 to £1760 a year. [7]