Petrol prices have risen for eight of the last 12 months, warns RAC
Rising oil prices and a weakening pound are sending fuel prices rocketing, RAC warned today.
Petrol has seen price hikes in eight months of the past year, while the cost of diesel has increased in nine of the last 12 months.
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Prices at the pumps now see UK motorists paying a UK average of 130.59p for unleaded, and 132.19p for diesel, compared to 117.51p and 118.37p respectively a year ago, according to RAC Fuel Watch data.
The south east was worst off, with unleaded hitting 131.46p at the end of August, and 134.03p for diesel.
It means that filling a family car with unleaded costs £71.82, a full £7.32 more than it did a year ago, thanks to per-litre pricing going up by 13p.
Filling an equivalent diesel car costs £73.29, £8.19 more than a year ago.
“It’s rapidly becoming a horrible year on the UK’s forecourts and it looks like further increases are inevitable,” said RAC fuel spokesperson Simon Williams.
“While it’s clearly a tough time for regular motorists unfortunately there is currently no end in sight to the rising cost of fuel. With the pound at such a low against the dollar, and fuel being traded in the US currency, it will only take a moderate rise in the price of oil for some eye-wateringly high prices to be seen at the pumps.”
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A barrel of Brent Crude oil hit $78.15 on Tuesday, while the OPEC Basket price – a weighted price average for petrol produced by 15 countries – hit $75.77, with sterling standing at 1.28 to the dollar.
Williams said the picture could get even worse if the price per barrel breaks the $80 mark.
“If this were to happen it would be dire news for drivers and we could even see pump prices heading towards the record highs of April 2012, when petrol hit an average of 142p a litre and diesel 148p.”