Understanding rising fuel prices

5 min read 28 Sep 22

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You’ve probably noticed that fuel prices have increased a lot over the last few months. While they’ve always fluctuated, recently it has risen sharply reaching a record high in July.

This article takes a closer look at the causes of the price rises. But please remember that many different factors influence this. The article is just a quick look at what’s contributed to rising fuel costs, or a starting point for further reading.

It’s generally believed that the current increases in fuel prices can be attributed to three key global events:

It is likely we are all feeling the pinch of rising fuel costs but are there any upsides to this trend? The higher costs of fuel is driving more sustainable behaviours. People are driving less and changing their habits to get the most value out of their fuel –for example shopping closer to home. 

People may also be more inclined to use public transport more now. And when it comes to buying a new car, people will be more motivated to look at cars that are cheaper to run and that means cars which pollute less, so this is where the hybrid car industry can benefit. Suddenly, the initial cost of an electric car seems less daunting as the benefits of cheaper running costs are much more apparent.  

This behaviour change creates a knock-on effect: as we look for sensible, viable alternatives to petrol, the industry and the demand for scientists and engineers in these fields expands. The more people we have looking for better and cleaner ways to use energy, the more likely we are to find sustainable and economically viable answers.

The cost of living crisis is affecting all of us in some way, that may be fuel prices, the cost of food or our mental well-being.

If you’re in financial difficulty or struggling in other ways with the cost of living crisis, you may find it useful to visit the Citizen Advice Service. They have information on debt solutions, ways to get help, mental well-being, support available from the Government and more. You can visit their cost of living page.

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