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Why are UK fuel prices at a record high when cost of oil has fallen?

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As Britain witnesses fuel price protests, petrol prices have again hit a record high. That is despite a slight easing in sky-high wholesale costs for retailers, which had been blamed for the pain at the pumps.

The average cost of petrol hit a record 191.53p a litre on Sunday, while diesel is 199.03p and, in some places, above the landmark price of £2 a litre.

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