March 18, 2022 8.30 pm

Oil drops to lowest price pre-Russia/Ukraine conflict, but petrol costs in Lincoln still soar

Just how much longer can fuel prices continue to rise?

Petrol prices in Lincoln continue to soar amid the Russian invasion of Ukraine, despite the cost of crude oil falling to its lowest level since before the conflict began.

The spike in fuel prices has been monumental. In 2021, they were at the highest levels since 2012 after rising 28p in just one year, and that figure has only risen since Russia launched a full scale invasion on bordering nation Ukraine at the end of February 2022.

The 2021 rise was mainly put down to rising oil prices, as well as the September switch to greener, more expensive to produce E10 petrol, but after recent revelations of oil prices, questions are now being asked.

Brent crude, the global benchmark for oil prices, this week dropped below $100 a barrel for the first time since the start of March, leading many to believe fuel prices at petrol stations should now start to level out.

However, this does not appear to be happening, as the cheapest fuel you can get at the pump in Lincoln still stands at more than 160p a litre, some 20p more than it was just one month ago in February.

| Photo: Steve Smailes for The Lincolnite

The RAC is saying it now costs more than £90 to fill a family car, and research conducted by ChooseMyCar shows someone driving a standard Ford Focus could end up paying almost £450 a year more than in 2021, based on current prices.

So why haven’t fuel prices come down in line with oil? Well, oil prices are mainly determined through the cost of crude oil and the dollar exchange rate, as well as being affected by global affairs and price shifts.

With Russia being the third largest oil exporter in the world, and harsh sanctions being placed on the country due to the ongoing conflicts in Ukraine, demand has risen as multiple western countries halt imports from Russia.

In response to the growing demand following Russian sanctions, UK Prime Minister Boris Johnson has met with Saudi Crown Prince Mohammed bin Salman in an attempt to strike an oil deal with the Middle Eastern nation instead.

Saudi Arabia’s controversial human rights record meant the meeting was not without its controversy, and it is unclear if Mr Johnson managed to leave the country with a deal on the table or not.

It is also being predicted this oil price drop is only temporary, but fuel retailers are being urged to consider lowering the petrol prices to give the British public some respite amid the cost of living crisis across multiple sectors.

According to price comparison site, the cheapest fuel in Lincoln is at ASDA on Newark Road, costing 162.7p for petrol and 174.7p for diesel.

The list of the cheapest petrol stations in Lincoln is as follows:

  • ASDA Lincoln – Newark Road: 162.7p petrol, 174.7p diesel
  • Esso Sleaford Road: 162.9p petrol, 179.9p diesel
  • Total Waddington – Grantham Road: 162.p petrol, 179.9p diesel
  • Morrisons Lincoln – Tritton Road: 163.9p petrol, 172.9p diesel
  • Tesco Lincoln – Canwick Road: 164.9p petrol, 173.9p diesel

These prices are updating weekly by Petrol Prices, and can also be updated by users who may see the petrol stations while out and about.