Find out how market forces will dictate the trajectory of house prices in the next few months

Average UK petrol prices soared by 10p in May, the second largest monthly rise on record, while the cost of filling up a car with diesel reached £100 for the first time ever.

According to the RAC’s Fuel Watch data, a litre of unleaded rose from 162.87p at the start of May to 174.02p by the close.

This was less than a penny short of the all-time biggest rise recorded in March when a litre of petrol jumped by 11.61p to 163.28p.

However, the major difference with the May rise is that “this happened after the historic 5p-a-litre duty cut invoked by chancellor Rishi Sunak on 23 March and, of course, despite this, the cost of a litre has rocketed to yet another record high,” the RAC said.

Read more: Petrol and diesel prices: How much is it costing to fill your tank?

Last month also saw average diesel prices climb to new records, with a litre going up to 183p, a hike of more than 5p. This took the cost of a complete tank above £100 for the first time ever.

A full tank of petrol also hit the landmark cost of nearly £96.

The drastic rise of prices at the pump has been driven by oil (BZ=F) rising from $106.07 (£84) to a late month high of $124.45 a barrel – a 17% increase.

In addition to this, a weaker pound (GBPUSD=X) has also had an effect as fuel, like oil, is traded in dollars on the wholesale market which can dramatically affect the price retailers pay to buy it.

The average price of a litre of unleaded across the big four supermarkets, which dominate UK fuel retailing, went up nearly 9p from 160.31p at the beginning of May to 169.05p by the end. Diesel increased from 174.18p to 180.38p – a jump of 6p a litre.

On the motorway a litre of petrol closed the month at 187.66p, up by nearly 5.5p from 182.19p at the start. Diesel finished the month at 197.71p, up from 192.5p, with the prospect of hitting £2 a litre very real in the near future.

The RAC now expects average petrol prices to hit 185p as a result of the rising cost of oil, with diesel heading towards the 190p mark. It is calling on the UK government to intervene.

Read more: Rising food and fuel costs sting low-income households

“Since Russia invaded Ukraine on 24 February the price of petrol has gone up 24p a litre, For diesel the figure is 30p. This means the cost of filling a 55-litre petrol car has gone up by £13, and a diesel one by £16.50. Both of these figures would have been even higher had the government not cut fuel duty,” RAC fuel spokesman Simon Williams said.

“While it’s hard to imagine prices getting much worse, the wholesale price of petrol has now gone above diesel which spells yet more bad news at the pumps in the coming weeks.

“With drivers facing such a dire situation on the forecourts we badly need further intervention from the chancellor as households and businesses surely can’t take much more financial pain in conjunction with the horrendous hikes in gas and electricity.”

He added: “Something needs to be done, whether that’s a further cut in duty from the current 53p charged on every litre bought at the pumps, or a reduction in VAT from 20%.

“Arguably, a duty cut would make a bigger difference to both businesses and individuals, but it also seems very unfair that the Treasury is benefitting to the tune of 30p a litre in VAT revenue from the record high prices – as it’s effectively a tax on a tax, applied on top of the wholesale fuel cost, duty, delivery and retailer margin. the challenges drivers are facing, a VAT cut would be instant and wouldn’t be swallowed up by fluctuations on the wholesale market.”

Policy measures have pushed the Russian ruble too high, and are threatening to derail the government's budget. A broker gave Insider his take from inside the country.

(Bloomberg) -- Oil increased as US crude inventories dropped, exacerbating concerns about a tight market after traders expressed doubt that OPEC+ can deliver on its agreement to accelerate the pace of a supply hike. Most Read from BloombergOne-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey FindsElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutApple Plans to Make the iPad More Like a Laptop and Less Like a PhoneStocks Decline as Data Show a Still-Hot Econ

Global Cannabis in Food and Beverage Market Global Cannabis in Food and Beverage Market Dublin, June 03, 2022 (GLOBE NEWSWIRE) -- The "Cannabis in Food and Beverage Market Share, Size, Trends, Industry Analysis Report, By Product Type; By Distribution Channel; By End-Use; By Source Type; By Region; Segment Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering. The global cannabis in food and beverage market size is expected to reach USD 3411.43 million by 2030, accord

Bank Kiosk Market Research Report by Offering (Hardware, Services, and Software), Type, Distribution, Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19New York, June 02, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bank Kiosk Market Research Report by Offering, Type, Distribution, Region - Global Forecast to 2027 - Cumulative Impact of COVID-19" - https://www.reportlinker.com/p06276787/?ut

Third largest bank in the US has faced a series of scandals, from fake accounts to mass overtime pay violations

Switzerland's top court upheld a ruling that ride-hailing company Uber should be treated as an employer, dismissing the company's attempt to overturn a Geneva court's verdict. The California-based company whose cab service has expanded worldwide stands accused in many countries of bypassing national labour protection standards and shunning collective negotiation with drivers who work on freelance terms.

Good shares at cheap prices are what the very best investors look for. At this time of economic uncertainty, could Sanderson Design (LON:SDG) be one of them? W...

The companies signed a collaboration agreement in 2015 under which they jointly marketed the drug in the United States, while Sanofi was responsible for selling it outside the country. Worldwide profits from Libtayo were split equally. "This strategic acquisition is a major step towards Regeneron's goal of becoming a global oncology leader," said Leonard Schleifer, chief executive of the company.

Global Nurse Call Systems Market Global Nurse Call Systems Market Dublin, June 03, 2022 (GLOBE NEWSWIRE) -- The "Global Nurse Call Systems Market Size, Share & Industry Trends Analysis Report By Technology, By Equipment Type, By End User, By Application, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering. The Global Nurse Call Systems Market size is expected to reach $2.8 billion by 2027, rising at a market growth of 8.0% CAGR during the forec

The molded pulp packaging market was valued at USD 4,000. 0 million in 2021, and it is expected to reach a value of USD 5,661. 23 million by 2027, registering a CAGR of 5. 98% during the forecast period (2022-2027).New York, June 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Molded Pulp Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06283208/?utm_source=GNW Molded pulp packaging is mainly adopt

Other lives: Computer scientist whose polished style led to his being known as the ‘poet laureate of functional programming’

DETROIT/WASHINGTON (Reuters) -Ford Motor Co on Thursday said it will invest $3.7 billion in assembly plants in Michigan, Ohio and Missouri for production of both electric and gasoline-powered vehicles. Ford, whose shares were up 2.4% in afternoon trading, said $2.3 billion of the total investment will be spent on EVs, part of the $50 billion in EV spending through 2026 it had previously outlined. Ford officials said the company will receive incentive packages of about $150 million and about $200 million from Michigan and Ohio, respectively.

Abstract: What`s New for 2022? -Global competitiveness and key competitor percentage market shares. -Market presence across multiple geographies - Strong/Active/Niche/Trivial.New York, June 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Cable Modems Industry" - https://www.reportlinker.com/p05959848/?utm_source=GNW -Online interactive peer-to-peer collaborative bespoke updates -Access to our digital archives and MarketGlass Research Platform -Compliment

Product Overview E-invoicing applies solely to the electronic exchange of invoices among buyers and suppliers. Depending on the legislation and types of businesses that operate in their respective countries, numerous regions describe e-invoicing in different ways.New York, June 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "E-Invoicing Market Segments: by end user ; by and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to

In Germany, 250 jobs would be affected, the paper said. Fresenius, which runs dialysis centers and hospitals, makes generic drugs and helps plan hospital construction projects, last year launched a group-wide cost cutting programme to become more competitive amid a declining share price over several years.

Volvo Car Group's May sales were down 28.3% from a year earlier, the Sweden-based automaker said on Thursday, as supply chain problems and lockdowns hampered production. Volvo said however that demand remained strong, especially for its Recharge line-up of electric and hybrid models, adding that fully electric cars accounted for 7.9% of its May sales. The Gothenburg-based company aims for 50% of its sales to be pure electric cars by the middle of the decade.

Middle East Liquid Biopsy Market to Reach $175. 2 Million by 2032. Middle East Liquid Biopsy Market: Industry Overview. In 2021, the Middle East liquid biopsy market was valued at $43.New York, June 02, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle East Liquid Biopsy Market - Country Analysis: Focus on Product, Technology, Indication, Sample, Workflow, Circulating Biomarker, Usage, and Country Data - Analysis and Forecast, 2022-2032" - https://www.reportli

The Global Wireless Broadband in Public Safety Market size is expected to reach $102. 7 billion by 2028, rising at a market growth of 26. 4% CAGR during the forecast period. This implementation of fast broadband services for seamless connectivity among public safety groups, federal agencies, local and state governments, and private companies is referred to as wireless broadband in public safety.New York, June 02, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Glob

U.S. employment increased more than expected in May, while the unemployment rate held steady at 3.6%, signs of a tight labor market that could keep the Federal Reserve's foot on the brake pedal to cool demand. “What the market is really focused on is average hourly earnings, a tick lower than expected .. The labor market is starting to level off and if we can see wage inflation moderate a bit lower, that's healthy for the market."

Activity in Spain's services sector slowed down in May though companies created jobs at the fastest rate in almost a year as companies' capacity is stretched, a survey showed on Friday. S&P Global's Purchasing Managers' Index (PMI) of services companies, which account for around half of Spain's economic output, fell to 56.5 last month down from 57.1 in April, but still well above the 50 mark that separates growth from contraction. "This helped to drive an increase in staffing levels during May," S&P Global said in a report.