UK drivers should prepare themselves for a fuel price hike the next time they stop at the petrol station, as prices soared to their highest level since November of last year.
Surge in Fuel Prices
According to the latest data from the RAC Fuel Price Checker, average prices at service stations have risen to £1.50 per litre.
Owners of petrol vehicles have to pay an average of 150.06p per litre of unleaded, while users of diesel vehicles are hit even harder, having to pay around 158.3p.
Furthermore, those taking to the road for longer distances will find that the pain intensifies, with motorway service stations adding 20p per litre.
RAC fuel spokesman Simon Williams expressed concern about the price increases. He noted that prices had risen by more than 3p per litre since the beginning of the month and by 9 pence since January.
This hike has resulted in an average increase of £1.65 over the last few weeks and more than £5 for the average tank over the last four months.
Simon Williams attributes the rise to two main factors:
- The increase in the cost of oil
- The weakening pound, making it more expensive for retailers to buy new fuel supplies
“The big question is what happens now. While tensions in the Middle East have pushed oil to $90 (£72.60) a barrel, prices have fallen slightly, which translates into lower wholesale prices for UK retailers.” said Simon Williams.
Diesel drivers are undoubtedly the worst off, since the average margin on a litre of diesel is now 14p. This represents a significant increase on the average of 8p per litre.
Luke Bosdet, the AA’s fuel prices spokesman, commented on the situation. He stated that government data shows that for the fourth week in a row, petrol prices have been higher than the same period a year ago.
However, he noted that fuel prices above 150p per litre will attract drivers’ attention and prompt some of them to cut back in other areas.
According to the AA’s data, approximately 28.1% of the 3,000 service stations charged at least 150p per litre. This represents a significant increase of 4.3% on the previous week.
Got a reaction? Share your thoughts in the comments
Enjoyed this article? Subscribe to our free newsletter for engaging stories, exclusive content, and the latest news.
