Petrol prices have hit record highs this week, tipping over £1.50 per litre on average for the first time as predicted. With the current situation in Russia and Ukraine, more price hikes are expected on our forecourts, and the possibility of a £2 litre of unleaded petrol is now rated a more than 30% possibility by betting sites like Smarkets offering odds of how high prices could go.
Petrol Price Betting Odds
Will Petrol reach £2 per Litre
| Outcome | Odds | Probability |
|---|---|---|
| No | 1.46 | 68.49% |
| Yes | 3.20 | 31.25% |
Whilst the average price of Petrol has hit 151p in the UK, Deisel users are licking even more wounds with prices hitting 155p too.
How High Could Petrol Prices Go?
There is little doubt we can expect further increases, and we are talking about average prices across the country here.
On some motorway service stations prices of over £1.80 have already been seen and paid, so there is parity in prices depending on where you make your purchase.
Highest Potential Petrol price in the UK in 2022
| Price per Litre | Odds | Probability |
|---|---|---|
| £1.60 | 1/5 | 83.33% |
| £1.70 | 2/5 | 71.43% |
| £1.80 | Evens | 50.00% |
| £1.90 | 2/1 | 33.33% |
| £2.00 | 9/4 | 30.77% |
| £2.10 | 3/1 | 25.0% |
| £2.25 | 5/1 | 16.67% |
| £2.50 | 10/1 | 9.09% |
History of Average Petrol Price in the UK
Petrol used to be much cheaper, as did many things, but this sudden increase this year has been one of the sharpest rises we have ever seen in the UK. The previous high came in 2013 with average prices hitting 138.9p
| Year | Price per Litre (p) | Price per Gallon (£) |
|---|---|---|
| 1983 | 36.7 | 1.67 |
| 1984 | 38.7 | 1.759 |
| 1985 | 42.8 | 1.946 |
| 1986 | 38.2 | 1.737 |
| 1987 | 37.8 | 1.719 |
| 1988 | 34.7 | 1.578 |
| 1989 | 38.4 | 1.746 |
| 1990 | 40.2 | 1.828 |
| 1991 | 39.5 | 1.796 |
| 1992 | 40.3 | 1.832 |
| 1993 | 45.9 | 2.087 |
| 1994 | 48.9 | 2.223 |
| 1995 | 50.9 | 2.314 |
| 1996 | 52.9 | 2.405 |
| 1997 | 57.9 | 2.632 |
| 1998 | 60.9 | 2.769 |
| 1999 | 61.9 | 2.814 |
| 2000 | 76.9 | 3.496 |
| 2001 | 77.9 | 3.541 |
| 2002 | 69.9 | 3.178 |
| 2003 | 77.9 | 3.541 |
| 2004 | 77.9 | 3.541 |
| 2005 | 79.9 | 3.632 |
| 2006 | 88.9 | 4.041 |
| 2007 | 87.9 | 3.996 |
| 2008 | 103.9 | 4.723 |
| 2009 | 89.9 | 4.087 |
| 2010 | 111.9 | 5.087 |
| 2011 | 129.9 | 5.905 |
| 2012 | 134.1 | 6.096 |
| 2013 | 138.9 | 6.314 |
| 2014 | 130.9 | 5.951 |
| 2015 | 109.9 | 4.996 |
| 2016 | 103.9 | 4.723 |
| 2017 | 117.9 | 5.36 |
| 2018 | 115.9 | 5.269 |
| 2019 | 119.9 | 5.451 |
| 2020 | 119.9 | 5.451 |
| 2021 | 123.9 | 5.632 |
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