Fuel prices remain high, having reached record levels in recent days.
The average price for a liter of petrol hit £ 1.63 on Sunday after rising above £ 1.60 for the first time ever last week. Diesel remained above £ 1.73 a liter, with hopes that the exorbitant prices at the pump will start to stabilize soon.
Oil prices rocketed after Russia invaded Ukraine, with the price of Brent crude oil – considered the global benchmark for prices – hitting a near 14-year high at one stage. This week, the ECHO checked out a range of petrol stations in various different parts of our region, to see how local people have been affected by soaring prices.
READ MORE:Cheapest petrol and diesel prices in Liverpool and beyond
And in many cases, local people were being charged higher than those rocketing average prices. At the Texaco garage on King Street in Wallasey, Wirral on Thursday the charge was a huge 176.9pa liter for petrol and 194.9p for diesel.
Over in Formby, Shell were charging a little less at 167.9p for petrol and 177.9p for diesel. Prices were higher at the BP garage in the Brunswick area of Dingle this week – with petrol up to 172.9p and diesel up at 186p.
Elsewhere in Liverpool, things were a little cheaper at the Esso Petrol Station in Anfield. Petrol was on offer for 163p and deisel was coming in at 178p a liter when we visited. These are just a selection of the prices at petrol stations we visited in the past few days around Merseyside.
The figures show that prices for petrol and diesel remain high in most places, but at certain stations they are eye-watering. And while the AA has said it hopes prices are stabilizing for the moment, there are real fears about just how high things might rise as the sanctions on Russia continue to take effect on global prices.
Dr Amrita Sen, director of research at Energy Aspects, told the Treasury Committee that petrol prices could rise to around £ 2.40 a liter and the idea of diesel getting close to £ 3 per liter were in the realms of possibility. Dr Sen said she would not be surprised to see the UK introducing fuel rationing measures.