Current Affairs Betting: 30% Chance Petrol price will hit £2 per Litre

With Petrol now hitting records highs speculation has begun on the £2 litre
With Petrol now hitting records highs speculation has begun on the £2 litre

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

Scatter chart showing average petrol prices in the UK over time since 1983

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