Today, the UK is the 10th most expensive country for petrol in the world, according to CarMoney.co.uk.
The UK has seen a 1.4% increase over the last decade, but a huge 38% increase over the last 5 years. Today, prices have only increased slightly risen since then (1.4%), but if we compare today’s price with where we were 5 years ago, we can see the jump, going from £1.17 per litre in 2018 to £1.62.
Thanks to the pandemic, by the end of 2020, fuel prices had decreased by 3.7% to just £1.14. However, by the end of the next year in 2021, prices had risen sharply to £1.45 – an increase of 26.5%.
The Netherlands is the most expensive country in Europe to fill the average car at £97.00 a tankful while Britain even after the price rises works out at £83.50.
Andrew Marshall, Marketing & Partnerships Manager at Carmoney said, ‘While we can’t know for sure if increases and decreases in petrol prices were solely caused by the coronavirus pandemic, it’s interesting to see how other countries fared during this period.
“The current chip shortage is a problem that is still impacting the new and used car markets, and the UK finds itself amid another petrol crisis which will hopefully level out with price drops when the 5p fuel duty is introduced.”