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Daily Mirror
Daily Mirror
Business
Ruki Sayid

Petrol hits 8-year high as price of filling up rises for 9th month in a row

Motorists are being hammered at the pumps after the ninth fuel price rise in a row took the cost of filling up to an eight-year high.

Unleaded rose 3.4p a litre in July, the biggest monthly rise since January, putting the average price back at 2013 levels of 135.13p.

And the RAC figures show diesel rose 2.7p to 137p, a seven-year high.

The hikes look set to continue as the Covid-19 recovery increases demand.

Oil prices, which slumped to $31 a barrel in March 2020, have more than doubled to $76.

Experts from US investment bank Goldman Sachs predict that could hit $80 a barrel in months.

Are you concerned? Have your say in the comment section

Families taking road trips in a summer of staycations face “relentless rises”, the RAC warned.

Growing global confidence amid the Covid vaccination programme has raised demand.

RAC fuel spokesman Simon Williams said: “Prices really are only going one way at the moment – and that’s not the way drivers want to see them going.”

He advised motorists to drive “as economically as possible” to cut costs.

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He said: “Right now, it’s hard to see what it will take for prices to start falling again.

"While we’re not past the pandemic by any means, demand for oil is likely to continue to increase as economic activity picks up again.

“Unless oil producing nations decide a new strategy to increase output, we could see forecourt prices go even higher.”

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