Drivers are being warned of further fuel price rises after petrol shot up by more than 3p a litre and diesel jumped by 4p over the last three weeks.
During the period, unleaded rose by 3.2p from 140p which was recorded on January 29 to 143.4p on February 18.
As for diesel, prices jumped from 148p to 152p in the same period. Petrol costs had been falling over the last three months by 17p from 157p to below 140p in mid-January, the lowest it’s been since mid-October 2021.
Similarly, the price of diesel had also reduced by 15p from 163p in early October, dropping to just below 148p in late January.
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Fuel prices have started to rise again in recent weeks
GETTY
The price jump was sparked by the rapid increase in oil which has been trading above £63 a barrel for the majority of the past four weeks.
Simon Williams, RAC fuel spokesperson, said: “News that fuel prices have bottomed out and are now on the rise again is bad news for drivers, and possibly the economy and future inflation rates, too.
“While we’re not expecting prices to shoot up dramatically, it appears that oil is trading up, which in the absence of a stronger pound, means wholesale fuel costs more for retailers to buy in. The result is higher prices at the pump and more expense for the everyday driver.”
Williams added that the current global economic situation, including the Red Sea attacks by Houthi rebels, is clearly having an impact.
Tankers are being forced to avoid the Suez Canal and transport goods around South Africa’s Cape of Good Hope, thus extending delivery times and creating further instability.
But he explained that global refinery maintenance closures have also played a part. This includes the start of America’s driving season and UK retailers buying more fuel stocks ahead of the Budget to protect against a possible fuel duty hike by the Chancellor.
The price of petrol has continued to increase at supermarkets too with drivers finding a staggering 14p difference between supermarkets’ cheapest and most expensive prices.
On January 31, there was a 14p difference between the cheapest supermarket fuel and the most expensive.
Sainsbury’s in Oxford and Newport were selling unleaded petrol for 131.9p while Morrisons forecourts in Exeter and Ipswich were charging 145.9p for diesel.
Williams explained how supermarket margins are still significantly higher than they were prior to the pandemic and Russia’s invasion of Ukraine.
He said: “If a ‘new normal’ supermarket margin were to settle around 7p, drivers would get a fairer deal.
“Last year, RAC data shows they benefitted from an average mark-up of 10p on every litre of fuel sold as opposed to just under 6p in 2019.”
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The price jump was sparked by the rapid increase in oil costs
PA
Some retailers are bucking the trend and selling fuel at a far lower rate, including Costco, which charges drivers £1.30 for petrol and 139.6p for diesel, although this is only available to members.