Do you remember the excitement when your first friend started driving and the group finally had a designated driver who could drop everyone home after all the parties? Back then, we were more reliant on the bank of mum and dad, and so we would all chip in for petrol money. But it’s a bit different these days.
There’s the assumption that our friends probably earn enough to handle the price of petrol. But with fuel prices going up, might it be time to starting chucking them a fiver (or tenner) again when they drop us off after a lift?
The conflict in Ukraine is having a massive effect on the global economy – and that includes petrol. Currently the price of fuel has sky rocketed, with the average cost of a litre of petrol currently at £1.55 and diesel rising to £1.61.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics previously told HuffPost UK that if the jumps in oil, gas and electricity products following Russia’s invasion are sustained, it could push inflation to 8.2% in April.
It would only fall back to 6.5% by the end of the year, he added.
What does the Ukraine conflict have to do with petrol prices?
Well, Russia is the world’s second-largest oil exporter after Saudi Arabia and the top producer of natural gas globally.The UK only receives 6% of its crude oil and 5% of its gas from Russia, according to the BBC, but it’s expected that sanctions (designed to deescalate the conflict) could constrict supplies and drive up fuel prices worldwide.
In late February, RAC fuel spokesperson Simon Williams was warning that Russia’s will push petrol pump prices up to £1.50 – and it’s already happened.
“The question then becomes where will this stop and how much can drivers take just as many are using their cars more and returning to workplaces,” Williams said.
It’s clear to see the public is already feeling the pinch of petrol prices rising.
Which is all to say, the next time you get a lift from one of your mates make sure to top them up.