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- Bookmakers say 75% chance Petrol prices stay below the record high of April 2012
- 142.17p is the highest level previously recorded. Bookmakers odds are 5/2 of a repeat
- Panic buying could be pushing the prices up as demand outstrips supply
Betting sites have opened up a book on the chance of Petrol prices reaching an all-time high as panic buying strips supplies and prices increase to try to stem the rush to top up tanks.
The previous high price of petrol in the UK was recorded on the 12th April 2012 when prices hit £1.42, or 142.17 to be precise, and that is the level bookmakers are setting the book at for people wanted to bet whether prices will rise higher or remain lower for the remainder of 2021.
Petrol Price Betting Odds
Will the average petrol pump price surpass the all-time high of 142.17p per litre at any point in 2021?
| Yes or No | Odds | Probability |
|---|---|---|
| Yes | 3.35 | 30% |
| No | 1.33 | 75% |
**Probability percentage figures include bookmakers overround - odds correct at 28/9/2021
With betting prices being set on the weight of money being wagered by punters on the various options it would seem shrewd punters have 75% confidence that the previous average record high will not be breached.
Panic Buying
The media are documenting in great detail sights of long queues at the pumps as the public race to top up tanks and jerry cans in fear of petrol running out, which is exacerbating the issue and some forecourt retailers are hiking prices in response.
The issue is not so much with lack of supply but the availability of logistical solutions to get supplies to the forecourts, so perhaps demand will ease and prices normalize once again, at least that is what the smart money seems to be being wagered on.
