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Future of British Business

UK Petrol Prices: The Great Outsourcing Trend That Caused This

UK is among industrialized countries that closed down huge amounts of oil refining

Vehicles pass a Texaco petrol station in London. 

Vehicles pass a Texaco petrol station in London. 

Photographer: Chris Ratcliffe/Bloomberg

Oil prices might have dropped 10% in the past few weeks, but the cost of petrol and diesel at the pump in the UK keeps hitting records every day.

The relentless surge has helped to fan an annual inflation rate of 9.1%, the highest in decades.