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Drastic change in petrol price will severely affect retail sector warn experts

Drastic change in petrol price will severely affect retail sector warn experts
The Siliconreview
07 March, 2022

The sudden spike of prices at pumps has left people in a painful state as the cost of living has drastically increased due to inflation

In the highly uncertain world we live in, petrol prices have once again skyrocketed to a record high. The main reason for the same is due to historic rallies conducted in the oil market following the invasion of Ukraine by Russia. This has created a frenzy of supply disruption. The results of the invasion can be seen in the sudden rise of petrol price in the UK with prices rising to almost £1.52 for unleaded and £1.55 per liter for diesel. Right now, it costs people of the UK more than £85 to fill a family car with 55 liters capacity.

Andrew Opie from the British Retail Consortium (BRC) has stated that there is no shortage of fuel in sight because the UK gets its diesel and petrol from various sources. The sudden spike of prices at pumps has left people in a painful state as the cost of living has drastically increased due to inflation in grocery items, increase in National Insurance rates, and hike in petrol prices. As the pressure on essential items increases, we should understand that soon it will also start affecting consumer goods because people’s purchasing preference has moved from in-store to online. The rapid increase in prices will result in shoppers venturing out less to make retail purchases.