Motorists feel the pain of higher petrol prices as OPEC bolsters oil markets
Petrol prices at the pumps have started to rise again after a three-month decline, according to reports from AA.
The motoring group revealed half a penny per litre was added on to average prices over the weekend.
Before last Saturday, pump prices had averaged 162.32p per litre for petrol and 180.45p per litre for diesel.
Yesterday, they had risen to 162.78p per litre and 182.17p per litre respectively.
Luke Bosdet, the AA’s fuel price spokesman, described the developments as a setback for drivers and that it belied conventional market behaviour, with prices normally easing at this time of year.
He said: “Not only is the rise in petrol prices a blow to UK drivers as domestic energy cost hikes now put the squeeze on family budgets, but petrol would normally be getting cheaper at this time of year after the US motoring season comes to an end.”
The AA has also called on supermarkets to ease pressure at the pump amid a cost of living crisis which has eaten into disposable income while seeng food and energy bills to record highs.
“It is hoped that a combination of retailers taking their time to pass on previous falls in wholesale costs and supermarkets usually taking longer to pass on fuel cost increases will reduce the impact at the pump,” he concluded.
The turnaround in prices follows OPEC+’s decision cut oil output to boost the value of crude, adding close to $10 to the cost of a barrel.
At the same time, refinery strikes in France took 60 per cent of their energy capacity offline which has also pushed up wholesale costs.
Meanwhile, there is concern retailers are taking a bigger cut in petrol prices, with motorists not feeling the full benefit of reduced wholesale costs and suffering more quickly from oil spikes.
Rival motoring group RAC has calculated that retailers are taking 17p a litre – 10p more than normally expected.
RAC fuel spokesperson Simon Williams said: “Despite September seeing the sixth biggest ever drop in the price of petrol, drivers really should have seen a far bigger drop as the wholesale price of delivered petrol was around 120p for the whole month.”