Petrol and diesel drivers warned as fuel costs spike to £1.50 per litre with fears prices could rise further

Petrol and diesel drivers warned as fuel costs spike to £1.50 per litre with fears prices could rise further

WARNING: Motorists to see HUGE diesel and petrol price rises

Felix Reeves

By Felix Reeves

Published: 23/04/2024

- 14:42

Updated: 23/04/2024

- 14:42

'There are two reasons for [the price hikes] – the rise in the cost of oil and a weakening pound'

Drivers are being warned to expect high prices the next time they visit the filling station as costs reached their highest level in almost six months.

The latest data from the RAC Fuel Price Checker found that average prices at the pump hit £1.50 a litre for the first time since November.

Owners of petrol vehicles will fork out an average of 150.06p per litre for unleaded, while diesel costs around 158.3p.

Drivers embarking on longer journeys will face even more pain at the pumps with prices more than 20p per litre more expensive at motorway service stations.

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Petrol station

There are fears that prices could continue in the near future


Simon Williams, fuel spokesperson for the RAC, lamented the fact that prices have risen by more than 3p per litre since the start of the month and 9p since January.

This has added £1.65 to the average cost in the last few weeks and more than £5 to the average tank over the last four months.

He said: "There are two reasons for this – the rise in the cost of oil and a weakening pound, which makes it more expensive when retailers come to buy new fuel supply.

“The big question is what happens now. While the Middle East tensions saw oil hit the $90 (£72.60) a barrel mark, prices have since eased a little which is starting to translate into lower wholesale prices for UK retailers.

"In theory at least, this should mean prices at the pumps don’t rise much further, if at all – but so much depends on the margin these same retailers decide to take."

The expert added that diesel drivers had the most to feel aggrieved about given that the average margin on a litre of diesel is now 14p.

This is a significant rise compared to the average of 8p per litre, with this always resulting in higher prices for drivers.

Price hikes at the pumps will likely lead to a renewed call for a national fuel price checker, which the Government is believed to be in the process of preparing to roll out later this year.

Despite inflation falling dramatically in recent months, other experts said the price hikes would leave a sour taste in the mouths of drivers.

Luke Bosdet, AA fuel price spokesperson, said: "Government data shows that for the fourth week petrol prices have been higher than at the same time a year ago. This last happened in February 2023.

“Five days of falling wholesale costs, with the value of oil coming off the boil, offers hope that pump prices may not get much worse in the short-term.

“However, road fuel priced above 150p a litre grabs the attention of drivers and will lead some to re-tighten their belts on other spending.”


Fuel prices

Record fuel prices were seen in June and July of 2022


Data from the AA found that 28.1 per cent of almost 3,000 forecourts were charging at least 150p per litre.

This is a significant jump of 4.3 per cent compared to the number of forecourts a week earlier.

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