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On March 23, Federal Reserve Governor Milan stated that the central bank should not base its policy decisions on short-term factors related to the conflict between the US and Israel in Iran. Milan said, "We should gather all the relevant information before we really change our view. And I think its too early to have a clear understanding of what will happen over the next 12 months." The conflict in the Middle East has led to a sharp rise in oil prices, which could put upward pressure on inflation and negatively impact economic growth and the labor market. The Federal Reserve kept its benchmark interest rate unchanged again at its meeting last week, marking the second consecutive time it has made this decision. Policymakers acknowledged that economic uncertainty has increased due to the escalating conflict, and Fed Chairman Powell emphasized that officials need to see more progress in reducing inflation. Milan opposed this decision, preferring a 25-basis-point rate cut. However, Milan acknowledged that if oil prices remain high, it could gradually affect other goods and services sectors, but he stated that his pre-war expectation of four rate cuts this year remains unchanged.Federal Reserve Governor Milan: If it appears that the effects of the oil shock will spill over into inflation expectations after the first year, then you should be worried about a second-round effect.Federal Reserve Governor Milan: In my summary of economic projections, I raised my year-end inflation dot plot to 2.7%, expecting overall inflation to rise.General Motors: Initiates regulated public road testing of next-generation autonomous driving technology.Federal Reserve Governor Milan: The risks of fulfilling a dual mandate are now increasing.

Fuel Price Map: Does Your Petrol Cost More?

Haiden Holmes

Apr 01, 2022 10:25

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The growing cost of fuel at the petrol station forecourt has been one of the most noticeable price rises. Even with chancellor Rishi Sunak's 5p per liter reduction in fuel tax, motorists are spending far more to fill up than they were only a few months ago.


  • Inflation reaches a 30-year high and may continue to grow further.

  • Stock markets that behaved as if the Ukraine war had never occurred.


Increased demand as a result of the epidemic has already resulted in a rise in petrol prices. Now, it is the war in Ukraine and sanctions against Russia that have pushed petrol prices to a record high, threatening the West's supply of fuel.


With this in mind, we asked colleagues at Interactive Investor to locate the cheapest and most costly petrol station forecourts in their neighborhood for the weekend of 26-27 March 2022.


We've previously conducted our own investigation into the cost-of-living problem, lately noticing a huge increase in the price of pasta and other common household products at local supermarkets. Now, we've taken the road to ascertain the prices motorists pay for unleaded and diesel at forecourts throughout the United Kingdom.


While it is a quick survey of hand-selected stations, it covers the whole length and width of the United Kingdom and reveals some enormous regional discrepancies.


Our results are shown in the interactive Gas Fuel Price Map of the United Kingdom below.


Congratulations if you reside in Cardiff. According to our study, it is the cheapest spot to get fuel, with a gallon of unleaded costing 156.7p. It's 169.9p, an 8.4 percent increase, three and a half hours up the highway in Stockport. Is it prohibitively expensive? If you go 50 miles to Leeds, you can purchase it for 156.9p.


With an average fuel tank capacity of 55 liters, filling up in Stockport costs £7.26 more than in Cardiff. If you drive a diesel vehicle, the fee is much higher - £8.25. At 169.9p, Leeds is the cheapest destination for diesel drivers. In Manchester, a liter costs 184.9p, an increase of 8.8 percent.


While diesel is much more costly than unleaded, the difference in price between the cheapest unleaded and the most expensive diesel is 28p, or 18%, a terrific price for going electric!