Petrol and diesel prices could 'surge' and have a 'sizeable impact' on UK drivers

Pumping fuel

Fuel prices may rise in the coming weeks and months

Felix Reeves

By Felix Reeves

Published: 17/08/2023

- 13:36

Updated: 17/08/2023

- 16:11

Drivers may soon pay more to fill up their cars with higher prices at the pump

Experts are warning drivers that the price of petrol and diesel could rise dramatically in the coming months.

The price of fuel has already been climbing in recent days, but motorists could soon experience levels not seen since last summer.

According to RAC Fuel Watch, the UK average price for petrol stands at around 149.73p, while diesel is costing drivers 151.33p per litre.

For both fuel types, drivers can get a slightly cheaper deal on average when filling up at a supermarket, with petrol at £1.46 a litre while diesel motorists are shelling out £1.48.

Petrol station

Petrol and diesel prices peaked last summer


Unsurprisingly, the average price of fuel at motorway service stations is far more expensive, with the captive audience willing to spend more to continue their journey.

The average prices for fuel are around 22p more expensive with petrol prices around 172.74p, while diesel motorists face costs of 173.71p.

Since both petrol and diesel prices peaked in June and July last year, fuel prices had been falling consistently until recently.

Nishita Sharma, commodity specialist at The Smart Cube, has forecasted that motorists could soon see fuel prices rise again.

She highlighted how market predictions show a trend of global crude oil prices rising, which will ultimately force up the price of petrol and diesel at the pumps.

She added: “Diesel and petrol prices are intrinsically linked to crude oil prices. In July, European diesel increased because of the rise in the cost of crude oil.

“However, another factor to consider when examining rising diesel and petrol prices is the time of year.

“A seasonal uptick in demand from the transportation sector in summer, alongside an increase in manufacturing and trade activities, has put upward pressure on prices.”

The global oil cartel, OPEC+, is expected to slash production volume estimated to be worth around five per cent of the global supply during August and September.

Further price rises could be seen in the cost of natural gas with potential supply issues as a result of extreme weather, planned maintenance of gas fields and expected strike action around the world.

Nishita Sharma added: “The impact of these price rises is already being felt by consumers at the pump.

“As the cost of crude oil continues to rise, petrol and diesel prices are surging as a consequence.


Pumping fuel

Global factors could lead to the changing fuel prices


“In turn, this is having a sizeable impact on holidaymakers travelling up and down Britain's roads, who are already under significant pressure from the ongoing cost of living crisis.”

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