In what is very much a crisis for motorists and businesses alike, the latest fuel analysis figures show that petrol prices reached a new record high of 177.9p a litre in the latest in a series of unwanted record breaks in the last few month alone.
And it’s expected that worse is still to come, with the RAC warning prices will climb past £1.80 per litre of petrol and a whopping £1.90 per litre of diesel.
Regit’s own recent cost of living survey found 29% of motorists are driving at least 50% fewer miles whereas 33% are driving up to 50% fewer miles. Just 1% of those surveyed have stopped using their car altogether while 35% of motorists’ mileage has remained unchanged.
And, staggeringly, there seems to be very little pressure on the powers that be or on fuel stations themselves to prevent Rishi Sunak’s 5p fuel duty cut from being stolen by the greedy stations. We reported last month how the cut was being taken away right from under our noses with seemingly little awareness.
Fuel prices have been hitting new highs on a daily basis as supply dries up at a time when demand is only increasing.
The RAC has said the average cost to fill a 55-litre family car with unleaded petrol is now £98, whereas a tank of diesel costs £102.
"The relentless run of record fuel prices continued over the bank holiday with the average price of petrol rocketing nearly 4p a litre since the end of May," said RAC fuel spokesperson Simon Williams.
The cost of unleaded was now "frightening", he said, with more bad news on the way.
"With oil above $120 a barrel and sterling still at $1.20, worse is still to come," Mr Williams said.
"Sadly, we expect to see the average price of petrol break through the 180p mark this week with diesel moving further towards 190p."
"More radical government intervention is urgently needed, whether that’s in the form of a further reduction in fuel duty or a VAT cut," said Mr Williams.
"As it is, drivers surely won’t be able to cope unless something is done to help. This is fast becoming a national crisis for the country’s 32 million car drivers as well as countless businesses."
Find out how to save money on fuel as prices here