Petrol prices have reached the highest levels in almost a decade, with most fuel stations in Lincoln charging over 140p a litre.
The UK’s average petrol price soared to 142.94p a litre on Sunday, October 24, which is the highest it has been since April 2012, according to RAC Fuel Watch data.
The price has spiked by 28p a litre in just one year, driven primarily by the rising oil prices, as well as September’s switch to the greener E10 petrol, which has a greater ethanol percentage than the previous E5.
Ethanol is more expensive than petrol, so the introduction of a greater ethanol percentage means an increase in cost to produce the E10 compared to E5.
It isn’t believed to be connected to the fuel frenzy earlier this year, which saw drivers across the country scramble to fill up their cars amid rumours of a shortage.
Fuel companies stated that there was no supply issues when the frenzy began in September, merely an increase in demand from panic buying.
PetrolPrices.com update the cost of unleaded and diesel at fuel stations across the country on a weekly basis, and in the Lincoln area the cheapest petrol you can get is 138.9p a litre, as of Wednesday, October 26.
Here are the cheapest places to get fuel in Lincoln:
- Gulf Co-op winning post service station, Carholme Road – 138.9p for both unleaded and diesel
- Sainsburys, Tritton Road – 138.9p unleaded, 140.9p diesel
- Total Waddington, Grantham Road – 139.9p unleaded, 145p diesel
- ASDA, Newark Road – 140.7p unleaded, 142.7p diesel
- Tesco, Canwick Road – 140.9p unleaded, 141.9p diesel
- Gulf Co-op, Riseholme Road – 141.8p unleaded, 141.9p diesel
- Morrisons, Tritton Road – 141.9p unleaded, 142.9p diesel
- Tesco, Wragby Road – 141.9p unleaded, 140.9p diesel
- Esso, Sleaford Road – 141.9p unleaded, 146.9p diesel
- Esso, Newark Road – 142.9p unleaded, 148.9p diesel
The RAC is now calling on government to introduce a temporary VAT reduction for big retailers, in order to bring prices back to pre-pandemic levels.
RAC fuel spokesman Simon Williams said: “This is truly a dark day for drivers, and one which we hoped we wouldn’t see again after the high prices of April 2012. This will hurt many household budgets and no doubt have knock-on implications for the wider economy.
“The big question now is: where will it stop and what price will petrol hit? If oil gets to $100 a barrel, we could very easily see the average price climb to 150p a litre.”