‘Miserable’ month for drivers as petrol prices near five-year-high

British drivers faced a “miserable” May as petrol prices came within touching distance of a five-year high.

Forecourt petrol prices reached nearly £1.31 per litre last month, over 2p more than in April. The new price is 11p more expensive than at the beginning of February, data from insurance company RAC shows.

Read more: Oil prices slump three per cent

And the price is just a penny away from a five-year high set in October last year.

Meanwhile, drivers coughed up over £1.35 a litre to fill their cars with diesel, a 1.74p month-on-month increase.

“May was another miserable month for drivers with the fourth straight average price rise of both petrol and diesel taking us near to a five-year high,” said RAC fuel spokesman Simon Williams.

The rises came as international oil prices have soared since the beginning of the year when Opec started restricting exports.

International standard Brent crude reached six-month highs above $73 per barrel at the end of April, up $20 since December.

However, petrol prices look set to fall soon, as oil has slid globally, reaching $62 yesterday.

Read more: US inventories push down oil prices

Williams called on retailers to pass on their savings from the fall to customers “as soon as possible”.

“The supermarkets who buy fuel more often than smaller retailers due to the large volumes they sell should be able to do this straightaway,” he said.