Petrol prices soar to all-time high

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The average price of petrol has now broken through the £5 a gallon mark, the AA has reported. For the first time petrol now costs £5.01 a gallon, or 110.22p a litre, with the average price of diesel at 120.51p a litre (£5.48 a gallon).

This time last year the average petrol price was 93.98p a litre, with diesel 95.81p. The rise in petrol prices is likely to force motorists to look to car insurance companies to help lower the cost of running a vehicle.

AA president Edmund King said: “The £5 gallon is just the latest milestone along a miserable road of increasing fuel prices this year".

“With the bank holiday and summer motoring looming, many drivers that get by on a tank of fuel for a couple of weeks will suffer a reality check when they drive down to the seaside or an amusement park and have to fill up along the way.”