Given how low fuel prices fell during the initial lockdowns, it’s hard to believe that we’ve ended up here, with petrol prices rising to unprecedented levels.
From the Iraq War, to the financial crisis, to the rise in crude oil prices at the start of last decade, petrol and diesel prices have fluctuated greatly in recent times, but nothing like that is being seeing today.
Petrol prices dropped below £1 during the lockdowns, the lowest it’s been since 2009, but once the lockdowns had finished, oil prices rose and panic buying ensued, meaning that they’ve now hit a record high of £1.39.
As it stands, prices still haven’t slowed and the problem now permeates the globe, with disruptions in supply chains now affecting the United States and mainland Europe. However, it does seem as though, by next year, supply for oil will start outpacing demand once production really starts to ramp up.
Only time will tell though!