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Petrol Prices Soar To Four Year High

Wed, Sep 5, 2018 7:39 PM

The cost of filling up our petrol tank has risen to its highest price since 2014 according to the latest research published this week.

The RAC’s Fuel Watch data is blaming the substantially weakened pound for the rising costs of fuel, with the actual average cost of a barrel of oil $28 less than it was four years ago. The declining value of sterling means that both petrol and diesel are far more expensive for retailers to buy on the wholesale market.

The data reveals that the cost of petrol rose by 3.38p and diesel by 3.12p in August, which means the cost of filling a 55-litre family car with petrol is £7.32p dearer than the same time last year.

The rise in fuel prices is unlikely to end anytime soon according to the RAC’s spokesman Simon Williams: “August was another bad month for motorists and it’s rapidly becoming a horrible year on the UK’s forecourts and it looks like further increases are inevitable. Having benefitted from some very low prices two and a half years ago drivers get a nasty shock every time they go to fill up their cars, having to fork out more and more.

“While it’s clearly a tough time for regular motorists unfortunately there is currently no end in sight to the rising cost of fuel. With the pound at such a low against the dollar, and fuel being traded in the US currency, it will only take a moderate rise in the price of oil for some eye-wateringly high prices to be seen at the pumps.

“With many factors at play on the global oil market the price of a barrel could easily break through the $80 mark and stay there. If this were to happen it would be dire news for drivers and we could even see pump prices heading towards the record highs of April 2012 when petrol hit an average of 142p a litre and diesel 148p.”

 

Pricing – what has happened to UK pump prices since September 2017 (Source: RAC)

 

Petrol prices through month

Diesel prices through month

August

▲ Up

▲ Up

July

▲ Up

▲ Up

June

▼ Down

▼ Down

May

▲ Up

▲ Up

April

▲ Up

▲ Up

March

▬ Unchanged

▬ Unchanged

February

▼ Down

▼ Down

January

▲ Up

▲ Up

December

▲ Up

▲ Up

November

▲ Up

▲ Up

October

▼ Down

▲ Up

September

▲ Up

▲ Up




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