The latest data from the RAC Fuel Watch has unveiled concerning news for drivers across the UK, with petrol prices surging by over 3p per litre and diesel witnessing a 4p increase in just three weeks.*
According to the RAC, unleaded petrol has seen a notable rise of 3.2p, climbing from 140.2p on January 29 to 143.4p on February 18. In parallel, diesel prices have surged from 148p to 152p during the same period, resulting in an approximate additional £2 expenditure for filling up a standard family car.
The recent uptick in fuel costs comes on the heels of a welcome downward trend observed over the past three months, during which petrol prices experienced a substantial decline of 17p, dipping below the 140p mark for the first time since mid-January. Similarly, diesel prices saw a reduction of 15p from early October to late January, although they remain elevated compared to pre-pandemic levels.
The primary catalyst behind the recent price hikes has been the surge in oil prices, with oil trading consistently above $80 a barrel for the past four weeks, contrasting with previous months when it hovered below this threshold.
Simon Williams, fuel spokesman for the RAC, commented on the current situation, stating: “The news that fuel prices have bottomed out and are now on the rise again is bad news for drivers, and possibly the economy and future inflation rates, too.
Williams further attributed the price increases to various factors, including disruptions caused by the Red Sea attacks, global refinery maintenance closures, the commencement of America’s driving season, and UK retailers stocking up on fuel ahead of the Budget to mitigate potential fuel duty hikes.
While the RAC anticipates further modest increases in forecourt prices, Williams emphasized the importance of ensuring fair pricing practices, particularly among major retailers. He noted that supermarket margins, while lower than in January, remain higher than pre-pandemic levels.
To aid motorists in saving money amidst rising fuel costs, the RAC encourages the use of its fuel finder feature available in the free myRAC app. This tool allows users to identify the five cheapest fuel prices within their vicinity, potentially saving up to 6p per litre**.
