This will affect millions of British households with the average customer set to spend a total of £1,971 per year on gas and electricity alone.
The RAC has confirmed that the average cost of a litre of petrol in the UK would once set drivers back at least 185.04p, whilst diesel sat at 190.92p - but luckily for us, prices seem to be going back down.
Why did the price of fuel get so expensive?
At the peak of the price of fuel, it was commonly argued that Russia and Vladimir Putin’s invasion of Ukraine was the pivotal factor behind the high cost of fuel, but this was not the case.
The main reason behind the sharp increase is down to the price of crude oil, which is a resource used in the make-up of petrol and diesel.
During the Covid-19 pandemic, the cost of crude oil was at an all time low as the demand for energy collapsed.
However, as life slowly got back to normal and opened back up, the demand for crude oil returned and suppliers have since struggled to keep up with it.
This, partnered with the fact that crude oil is paid for using US dollars - with the British pound currency weak in comparison - this has led to making the cost of fuel rise to expensive levels.
Are petrol and diesel prices going down in Bristol?
Much to the benefit of Bristolian bank accounts, the price of fuel in the city is expected to become more affordable by the day.
This is according to motoring group AA, who have previously said that the cost of filling up your car will be £10 cheaper as wholesale prices are falling.
Luke Bodset from AA issued the following statement: “Wholesale petrol’s trajectory, if sustained, would lead to savings from the record highs, providing the fuel trade is prepared to pass them on.
“So far this morning (Tuesday, 19 July) even with oil rebounding, wholesale petrol remains below 80.5p a litre.”
“The problem is that, in many places [forecourts], the price cuts are quite simply not happening despite more than six weeks of falling costs.”
Wholesale petrol prices peaked at £1-per-litre at the start of June in 2022, but has since been dropping below 80p a litre.
Where are the cheapest places to get fuel in Bristol?
Here are five of the cheapest petrol prices, as well as five of the cheapest diesel prices in Bristol on Monday, 17 October 2022.
Please note that this this list excludes any fuel station which requires a paid membership or subscription, such as Costco.
BP Petrol Station, St Andrew’s Road - 151.9p per litre
Muro Petrol Station, Stockwood Lane - 159.8p per litre
Asda Petrol Station, Whiteladies Road - 160.7p per litre
Esso Petrol Station, Easton Road Service Station - 160.9p per litre
Sainsbury’s Petrol Station, Emersons Green - 160.9p per litre
Gulf Petrol Station, Newbridge Road Fuel Express Automat - 175.5p per litre
Sainsbury’s Petrol Station, Portishead - 178.9p per litre
Asda Petrol Station, Bedminster Automat - 179.7p per litre
Asda Petrol Station, Whitchurch - 179.7p per litre
Morrison’s Petrol Station, Hartcliffe - 179.7p per litre
*All petrol and diesel prices per litre are correct at the time of publishing