Filling up an average tank of fuel now costs £100
The average cost for the typical family car is now over £100
The average cost to fill up an average tank of petrol has exceeded £100 for the first time according to figures from data firm Experian.
The average price of a litre of petrol at UK forecourts reached a record 182.3p on Wednesday.
That was an increase of 1.6p compared with Tuesday, taking the average cost of filling a 55-litre family car to £100.27.
The average price of a litre of diesel on Wednesday was 188.1p.
RAC fuel spokesman Simon Williams said the average price of petrol crossing the "thoroughly depressing threshold of £100 a tank" meant it was "a truly dark day" for drivers.
Mr Williams added: "There's almost certainly going to be upward inflationary pressure, which is bad news for everybody.
"While fuel prices have been setting new records on a daily basis, households up and down the country may never have expected to see the cost of filling an average-sized family car reach three figures."
Fuel price stabiliser
Mr Williams said many people will be hoping for further financial support from the Government as the 5p per litre cut in fuel duty "looks paltry" because wholesale petrol costs have increased by five times that amount since it was implemented in March.
"A further duty cut or a temporary reduction in VAT would go a long way towards helping drivers, especially those on lower incomes who have no choice other than to drive," he added.
The AA called for a further 10p-per-litre cut in fuel duty and the introduction of a "fuel price stabiliser" which would see the rate lowered when prices rise, and increased when prices drop.
Edmund King president of the AA said: "Enough is enough. The Government must act urgently to reduce the record fuel prices which are crippling the lives of those on lower incomes, rural areas and businesses.
"A fuel price stabiliser is a fair means for the Treasury to help regulate the pump price, but alongside this they need to bring in more fuel price transparency to stop the daily rip-offs at the pumps.
"The £100 tank is not sustainable with the general cost-of-living crisis, so the underlying issues need to be addressed urgently."
Named and shamed
Many forecourts are already selling petrol and diesel above £2 per litre.
Price comparison website PetrolPrices said around 50 sites on UK motorways or major A roads are charging 202.9p per litre.
Pump prices began to soar after Russia's invasion of Ukraine in February led to oil supply fears.
Downing Street indicated on Wednesday that fuel retailers failing to pass on the 5p duty cut could be named and shamed.
The Prime Minister's official spokesman said: "Transparency may have an important role to play.
"It is important the public understand what actions each of the fuel retailers are taking and so we are considering what further options we can take in this area."
Cost of living crisis
Interest rates and inflation go up
Inflation rose by 8.8% in the 12 months to January 2023, down from 9.2% in December 2022. With interest rates also rising to 4%, those saving money will earn more interest on their finances, whilst those paying mortgages would pay more interest to the bank.
Energy bills
The price of energy went up incredibly as the cost of living crisis hit, with the gas price spike caused largely by the war in Ukraine. The price cap - which is set by an independent regulator to help offset costs onto customers - was set to rise to £3,549 for an average home in October but a price freeze from the government restricted the typical bill to £2,500. That's still an increase of 27% from the previous energy cap and as it's a cap on unit cost, the more energy you use the higher your bill will be.
Food prices
The cost of a weekly shop also has gone up as a result of the cost of living crisis. As a result of the war in Ukraine, a number of products including cooking oils and wheat have been disrupted. This means that several products are now considerably more expensive, driving bills up for customers.
Prices at the pumps
The average cost of petrol has also rose to unprecedented levels. Supply lines for petrol have been thrown into doubt as a result of the war in Ukraine, as Russia is a large export partner for gas, oil and fuel. In April 2022, the average price for a litre of petrol on the forecourt was 160.2p, whilst a litre of diesel would cost 170.5p. By late June 2022 the price had risen to an average of 190.9p for a litre of unleaded and 198.9p for a litre of diesel. In March 2023 the price wass on average of 147.03 in petrol and 167.04 in diesel.
Average cost of filling up a car with petrol hits £100
On 9th June 2022, the average cost of filling up a car with petrol hit £100 for the first time ever. Diesel had already hit that milestone. It comes as the cost of fuel hit a record high of one pound eighty a litre. The 2p rise was the biggest daily jump in 17 years. Prices have dropped by at least 20p per litre since the high point.