As Shell announced its financial earnings for the last year, it was revealed that fuel prices in the UK have risen by 10p per litre.
Fuel Price Increase
The latest data reveals that the average prices of petrol and diesel have surged by 10p per litre since the beginning of the year.
April Price Hike
In April alone, the average price of petrol rose by 3p to 150.0p per litre, according to the RAC.
Concerns Over Diesel Prices
The RAC also highlighted concerns over diesel prices, noting a 2p per litre increase in April, bringing the average to 157.8p.
Unfair Fuel Increase
In a statement, the RAC insisted that customers were being overpriced for fuel and called the increase “unfair.”
Cost of Living
Fuel spokesperson at RAC, Simon Williams, said that due to the increase, drivers are finding it increasingly difficult to afford to live their normal lives.
Drivers “Digging Deep”
“Drivers are once again having to dig deep just to go about their daily lives,” said Williams before revealing the extent of the issue.
Petrol and Diesel Increase
According to Williams, “petrol and diesel have now gone up 10p a litre so far this year on the back of further increases in April of 3p and 2p respectively.”
Economy a Factor
Williams puts some of the blame on the current economic state in Britain, arguing that the pound-to-dollar exchange rate is affecting the cost.
Pound-To-Dollar Too Expensive
“Some of this is down to the oil price and the pound-to-dollar exchange rate making wholesale petrol more expensive for retailers to buy,” Williams insisted.
Companies Report Vast Profits
Despite this being a factor, Williams also noted the vast profits being made by oil and energy companies in the UK and globally.
Retailers Making “Massive” Profits
“It’s also very apparent that retailers are making massive margins on diesel,” Williams revealed. This came shortly after Shell announced its quarterly results.
Shell Exceeds Margins
Shell recently announced its staggering profits made throughout the last financial year, which exceeded its forecast by some margin.
Shell’s Profits Revealed
Shell announced it profited by a massive $7.7 billion as fuel prices across the globe continue to rise.
Performance-Focused
Shell’s CEO, Wael Sawan, insisted that the recent quarterly sales announcement showed a “strong operational and financial performance.”
Shell’s Sustainability in Focus
Sawan insisted that the rise in profits showed how dedicated the fossil fuel company is to providing sustainable energy solutions.
More Value, Less Emissions
According to Sawal, the results showed Shell’s “continued focus on delivering more value with less emissions.”
Ahead of Targets
Although profits didn’t exceed the $9.6 earned the year before, the $7.7 billion this year was still way ahead of what was expected.
An Extra $1.3 Billion
Analysts predicted Shell to earn just $6.46 billion over the last year, showing that the company earned almost $1.3 billion more than expected.
Call for Regulatory Action
The RAC urged the Competition and Markets Authority (CMA) to address the disparity within fuel retailing, advocating for fairer pricing for consumers.
25 Things You CAN’T Talk About Anymore
Remember the days when you could freely discuss just about anything without fear of sparking controversy? Well, those days are long gone. In today’s hyper-sensitive world, there are topics so fraught with tension that even mentioning them can lead to heated debates and hurt feelings. 25 Things You CAN’T Talk About Anymore
Stranded: 15 Worst British Cars in History
Ever had a car that spent more time with the mechanic than on the road? A car that turned every journey into a game of “Will we actually get there?” If so, you might just see a familiar face (or should we say, chassis) in our countdown to the most unreliable British car in history. Stranded: 15 Worst British Cars in History
“Britain Will Become Unrecognizable” – Suella Braverman Spells Disaster for UK Amid Steep Rise in Visas Issued
Former Home Secretary Suella Braverman has warned that Britain will become “unrecognizable,” criticizing the amount of work visas the Home Office has approved, despite only being removed from her role in November. “Britain Will Become Unrecognizable” – Suella Braverman Spells Disaster for UK Amid Steep Rise in Visas Issued
20 Things From the ‘70s That Are Not OK Today
Step into the time machine and set the dial to the 1970s, a decade of disco, bell-bottoms, and some rather questionable choices. While the ’70s gave us iconic music and groundbreaking TV, not everything from this groovy era would get a green light today. 20 Things From the ‘70s That Are Not OK Today
20 Best and Worst Universities in the UK
Navigating the UK university landscape is like deciphering a complex code of rankings, reviews, and reputations to uncover where you’ll not just learn, but truly flourish. Whether you’re drawn to the historic halls of Oxford or the creative buzz of Goldsmiths, finding your perfect fit is about aligning your aspirations with the unique offerings of each institution. 20 Best and Worst Universities in the UK
The post UK Fuel Prices Soar As Shell Announces Higher-than-Expected Profits first appeared on Edge Media.
Featured Image Credit: Shutterstock / FXQuadro.
Oscar Davies, an expert in US and UK politics and sports, is renowned for his sharp and engaging writing style, appealing to a broad spectrum of readers.