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Price of petrol up 8p per litre since start of year

16 Apr 2024 2 minute read
Photo by Rudy and Peter Skitterians from Pixabay

Average petrol prices have risen by nearly 8p per litre so far this year, figures show.

A 1.6p increase over the past week has brought the average price of a litre of petrol at forecourts to a five-month high of 148.5p, according to UK Government data.

That is compared with 140.8p at the start of the year.

There has not been a sharper weekly rise since August 2023.

Average pump prices for diesel have increased to 157.5p, which is the most expensive level since November 2023.

Inflation

RAC fuel price spokesperson Simon Williams said: “This year is proving to be another tough one for drivers.

“Both petrol and diesel are now the most expensive they’ve been since November last year, which is bad for households, businesses and the economy, especially as we know there is a close link between fuel prices and inflation.

“With increased tensions in the Middle East, the cost of oil is only likely to go up which could push petrol well above 150p a litre.

“While diesel is getting close to 160p, this is purely down to retailers taking much bigger margins as there’s only been a few pence between the wholesale prices of both fuels since mid-March.

“We find it hard to believe that a margin of 13p a litre on diesel – compared to the long-term average of 8p – is fair.

“This surely won’t go unnoticed by the Competition and Markets Authority which only two weeks ago expressed its concern about higher retailer margins.”

‘Psychological shock’

AA fuel price spokesman, Luke Bosdet, said: “Pump prices are climbing towards the 150p-a-litre average that drivers fear.

“It is a psychological shock that shouts out from the price boards each time motorists drive past.

“The worst part is that petrol prices will be spurred on by the inflationary pressures of higher demand as the US motoring season looms.

“The early part of the summer could be a tough time for UK motorists.”


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Jeff
Jeff
1 month ago

War on the motorist eh?
Wait, not 20mph? Oh we didn’t mean this petrol price war on the motorist.

hdavies15
hdavies15
1 month ago
Reply to  Jeff

Fuel prices are a major part of the war on consumers in general. It’s not just motorists, it’s anyone who buys anything that’s passed through some sort of distribution network. Big business and big government are salivating any time they have any slender excuse to bump up prices and are not beyond just dreaming up any old bollox and pass it off as justification.

Jeff
Jeff
1 month ago
Reply to  hdavies15

And you are taxed twice on petrol.

Steve Duggan
Steve Duggan
1 month ago

It’s a common theme, drop the fuel pump prices, keep them relatively static for a while before rapidly rising them again. The overall trend is an upward rise over time. Who benefits – the oil companies and, of course, the tax man. All at our expense.

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