‘Ominous’ rise in fuel prices inevitable, warns RAC
The RAC has warned UK drivers to brace for an ‘ominous’ rise in fuel prices in the next couple of weeks.
It reported that the average price of a litre of petrol was 157.21p at the start of this week while average diesel prices were 188.26.
This is down slightly on peak prices recorded in the middle of April, but steady increases at the start of May suggest drivers can expect more pain at the pumps.
Average petrol prices are now 18.4% higher than they were at the start of the war in Iran, while average diesel prices have shot up 32.2% during the same period.
Inevitable
RAC head of policy Simon Williams said: “April proved to be a month of two halves for fuel prices. The first half saw pump prices climb ever higher, with petrol rising nearly 5p to an average of 158.31p on 15 April and diesel by more than 7p to 191.54p.
“But more positively for drivers, the second half of the month saw them drop back slightly with petrol coming down over a penny and diesel 3p by the end of April. Interestingly, we note that prices in Northern Ireland reduced more quickly compared to the UK averages, with unleaded coming down by almost 4p and diesel by nearly 10p a litre.
“The outlook for the first couple of weeks of May, however, is more ominous. Wholesale petrol and diesel prices jumped by around 5p a litre last week and are now at their highest since the war began. This hasn’t yet been reflected at the pumps; petrol is up by just a fraction of a penny so far this month, and diesel has continued to slowly drift downwards.
“But if oil prices, and in turn wholesale fuel prices, remain at elevated levels over the coming weeks then future price rises at forecourts is all but inevitable.”
