Drivers offered 'hope' as average petrol prices at highest level in six months

Neil Lancefield, PA Transport Correspondent & William Morgan
·2-min read

Motorists filling up their vehicles at the petrol station in the past month will have noticed a return to uncomfortably high prices, with both petrol and diesel remaining above 150p per litre. But there is some hope on the horizon for drivers.

Figures compiled by Fuel Prices Online reveal that typical pump prices hit 150.1p per litre on Monday, with the average price of a litre of diesel also reaching its highest point since November 2023, standing at 158.3p. The recent surge in fuel prices is being attributed to an increase in oil costs and a weakening pound against the US dollar.

Luke Bosdet, AA's fuel price spokesman, commented: "Inflation has been heading downwards at quite some speed but petrol's rebound to 150p a litre leaves a big boulder in the road."

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He added: "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."

The figures are based on data from the Competition and Markets Authority analysed by Fuel Prices Online. The AA's analysis of nearly 3,000 forecourts shows that 28.1 per cent were charging at least 150p per litre for petrol on Monday, compared with 23.8 per cent a week earlier.

The spokesperson for fuel at RAC, Simon Williams, stated: "Drivers are now really starting to feel pain at the pumps, with a litre of unleaded already up by more than 3p since the start of the month and 9p since the start of the year, adding £1.65 and £5 respectively to the cost of filling a typical family car.

"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.

"Right now, it's drivers of diesel vehicles who have the right to feel aggrieved as the average margin on a litre of diesel is 14p which is well up on the long-term average of 8p. Higher margins always mean higher prices for drivers."

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