Oil prices hit record highs

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    Oil prices were last at this level in April 2012.RAC says it is now £15 more expensive than filling an average family car compared to the previous year, which RAC called a new high. "Dark Days for Drivers"The RAC said the increase was partly due to the doubling of oil prices since last year. Some analysts believe oil prices will rise further.Unleaded fuel prices have risen 28p per liter since October last year,

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    the RAC said. This means it now costs £78.61 to fill a family car.This will affect many household budgets. And there is no doubt that it has a broader impact on the economy.The organization said costs other than oil have also driven fuel prices higher.The retailer increased the 2p margin per liter from about 5.5p in April last year to 7.5p per liter.

    RAC said retailers, especially smaller, independent retailers, were trying to rebuild their profits after sales fell sharply from the first UK lockdown in the spring. last year In addition, the ethanol content of unleaded gasoline doubled to 10% last month in the more environmentally friendly E10 fuel. But because ethanol is more expensive than gasoline. therefore add about 1p per liter

    VAT, which is currently around 24p per liter, is applied to the rest. of the oil price including taxes, duties and retailer profit margins.Gasoline and diesel cars are gradually being phased out as part of a pledge to tackle climate change.The government said it would ban the sale of these items from 2030.The introduction of E10 fuel as standard this summer is also part of the drive.