Fuel prices rise to highest point since 2022
Fuel prices have hit their highest point since November 2022 with petrol up 9p a litre in July and diesel rising by 14.5p.
According to the latest RAC data, the average price of a litre of petrol is now 160p while diesel is at 179p.
RAC head of policy Simon Williams said: “In very unwelcome news for drivers the average price of petrol is at its highest since November 2022 as the Iran oil crisis continues. Petrol is 160p alitre having increased more than 9p since falling to a low of 150.59p on 6 July. Diesel has now shot up 14.5p since its low point on 9 July to 179p but fortunately is still 12.5p below its conflict high of 191.54p on 15 April.
“This means the cost of filling a family-sized car with unleaded has gone up to £88 while a tank of diesel is £10 more. The wholesale price of petrol eased very slightly [last] week but is not enough to make a difference at the pumps. Diesel looks set to keep on rising and is likely to reach 185p a litre in the next few weeks, barring any major oil price reduction.”
Wholesale prices
Meanwhile, the AA has expressed concern that when wholesale prices do start to come down, prices at the pumps will not fall in tandem.
Luke Bosdet, AA spokesman on pump prices, said: “The intriguing aspect of current pump prices is that, in early May when wholesale costs shot up 3p to 6p for more than a fortnight, average petrol prices put on less than 2p. Fuel Finder compliance started to be enforced at the beginning of the month and that likely had an impact.
“When costs plummeted from late May onwards, pump prices followed rapidly which was unlike previous years of ‘rocket and feather’ pump pricing.
“Oil and wholesale costs will fall again at some stage. The AA will then be watching to see if the recent fuel trade behaviour repeats itself with another swift drop or whether fuel stations think they have figured out how to deal with Fuel Finder and revert to their old practices.”
