UK drivers suffer record spike in monthly petrol prices
Petrol prices have risen over 12 pence per litre between February and March, the largest monthly hike since records began in 1990, revealed the Office for National Statistics (ONS).
This compares with a rise of 3.5p per litre between the same months of 2021.
Diesel prices also rose by 18.8p per litre this year, considerably less than the 3.5p per litre uptick last year.
Fuel rises have been driven by rallies across major oil benchmarks – with both Brent Crude and WTI Crude remaining elevated above $100 per barrel.
Prices peaked at 14-year highs of $139 per barrel last month, with the West ramping up sanctions on Russia following its invasion of Ukraine.
While markets have subsequently calmed, prices remain historically high amid fears of supply shortages and rebounding post-lockdown demand.
Alongside driving inflation across the wider economy – which could rise to eight per cent – the elevated prices at forecourts will be painful for British drivers at the pumps.
Luke Bosdet, spokesperson for motoring group AA, outlined that a 12.6 pence increase adds nearly £7 to the cost of filling a typical 55-litre family care tank.
He told City A.M.: “That is a heavy hit on a family, pensioners or low-income workers suffering from the current cost of living crisis.”
Petrol prices have dipped from record highs recorded in late March – when unleaded petrol rose to 167.3p per litre and diesel soared to 179.9p.
However, forecourt prices are still averaging 162.3p for petrol and 176.4p for diesel despite Chancellor Rishi Sunak’s announced fuel duty cut and the decline in steep WTI Crude and Brent Crude realities.
Bosdet explained: “In reality, the pump price should be much lower, with the fall in the price of oil being feeding lower fuel costs heading to the forecourts. With Easter due shortly, it won’t have gone unnoticed among drivers that petrol across the UK started this week averaging 162.44p a litre and diesel 176.73p. Last Easter (4 April 2021) petrol was 125.30p and diesel 129.11p. That is a huge difference.”