Motorists are paying more than £10 extra for a tank of fuel than they were at this time last year, according to new figures.
At the end of February, unleaded petrol cost an average of 120.23p a litre, an increase of 18.6p on the price a year ago of 101.65p.
Meanwhile, the price of a typical litre of diesel stood at 122.25p while a year ago it was 101.31p, almost 21p less.
There was some good news for hard-pressed drivers during February, however, with the stats revealing that fuel prices were at least stable during the month.
And looking back to December 1, 2014, unleaded cost 121.18p a litre, while diesel was 126.11p – both figures higher than they are today.
It now costs £66.13 to fill an average petrol-powered family car, as opposed to £55.91 a year ago. Meanwhile a driver will be forking out £67.24 to fill a typical diesel-engined car, compared to £55.72 at the start of March last year. All figures assume a car has a 55-litre fuel tank.
Although they’re higher than they were a year ago, the recent stabilisation of prices has been put down to settled conditions in the markets.
RAC fuel spokesman Simon Williams said: “While the price of oil has shot up by $10 (£8.18) since the end of November when many oil-producing countries agreed to curb production, it appears to have settled around the $55 (£45) mark which will be a relief to motorists who no doubt felt forecourt prices were constantly heading in the wrong direction.
“Filling up an average car is sadly now £11 more expensive than a year ago.”
The recent curb in oil production is the first such cutback in eight years and was triggered by the Organisation of Petroleum Exporting Countries (OPEC) making an agreement with 11 other oil-producing nations to limit production to a total of 1.8m barrels a day globally, in an effort to raise the barrel price.
Williams added: “The agreement between OPEC and non-member countries seems to be holding firm for the time being which is not good news for motorists.
“For prices at the pumps to come down again, we would need the oil price to reduce and the pound to make up some of its lost ground on the dollar.
“So a month where fuel prices have stayed broadly the same is welcome news. Given the global oil production situation and the weaker pound, all we can really hope for at the moment is some continued price stability on the forecourt.”