It’s as the Organization for Economic Co-operation and Development (OECD) says the UK will have the slowest growth next year of any developed country as the war in Ukraine fuels inflation. Growth will fall from 7.4% last year to 3.6% this year before it stops completely in 2023, the influential think tank said as it urged Rishi Sunak to consider tax cuts to help businesses and consumers. The rise in fuel prices was initially caused by complications in gas supplies from the Covid lockdown, but escalated after Russia’s invasion of Ukraine in February. Rising gasoline prices are just one aspect of the economic downturn in households that will see the biggest drop in disposable household income since records began in the 1950s, according to official government forecasts. Energy bills more than double in a year, tax increases began last month and inflation is expected to exceed 9 percent in 2022, reducing real wages. The cost-of-living crisis has been hailed by Boris Johnson’s advisers as one of the biggest political challenges in the coming years, combined with the threat of recession later this year. A 22 22 billion package was announced by Chancellor Rishi Sunak recently to ease the rise in energy prices, but pressure from prime ministers for more aid is already mounting. The average price of the pump reached 182.31 p.m. per liter on Wednesday, after jumping more than 2% in just 24 hours earlier in the week, marking the biggest daily increase in 17 years. In some places it meant that gasoline surpassed diesel as the most expensive fuel per liter, although on a national basis diesel averages also reached another record high of 188.05 a.m., according to RAC data. The last jump raises the cost of filling a 55 liter family car to 100.27 £. A full diesel refill now costs 3 103.43. RAC’s Simon Williams said: “It’s a really dark day for petrol drivers who now exceed the very depressing των 100 per tank. “With average prices so high, it is almost certain that there will be upward inflationary pressure, which is bad news for everyone.” The 5% reduction in fuel duty by the government, announced on March 23, when the average cost per liter was 177.5 am, was virtually eliminated by mid-May, when prices reached another record high. 178.4 p.m. The price comparison site PetrolPrices said the most expensive price charged is 202.9 p per liter at BP’s A1 (M) locations near Sunderland, Tyne and Wear. the A1 (M) near Wetherby, West Yorkshire. the M4 near Chippenham, Wiltshire; and the M6 near Burton-in-Kendal, Cumbria. The prime minister’s spokesman said the Competition and Market Authority (CMA) had the power to launch an inquiry into whether the tariff cut had been passed. “We know there has been a change in that and we want to see it spread to all the gas stations. We are not sure this is happening in general,” he said. “The CMA said that if they found evidence that the cut was not transferable, it would mean that the competition was not working and that they could launch a formal investigation. Obviously we would support them wholeheartedly.” The Petroleum Retailers Association, which represents independent service stations, declined to comment when approached by the PA news agency.
