UK fuel prices: cost of petrol at highest level in almost 8 years
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Petrol prices in the UK are now at their highest point in nearly eight years, after another month of increases.
Unleaded is now at a cost of 132p a litre, which is 18p more expensive than at the start of November 2020, and takes it to a price last seen in October 2013, data from RAC Fuel Watch reveals.
The price rise in June alone added £1.50 to a tank of unleaded, with the cost jumping to £72.70.
The price rise has added £10 to the cost of filling up a 55-litre family car.
The average cost of a complete fill-up with diesel is also now £73.88, which is an increase of £1.40 in the month.
The average price of unleaded at the country’s four big supermarkets now stands at 128.17p, after rising by 3.3p in a month. Diesel is 130.25p after a rise of 2.91p.
However, this makes a tank of supermarket fuel on average £2.20 cheaper than at other forecourts.
Why have petrol prices increased?
June’s pump price rises have been driven by a 10 per cent increase in the cost of oil, which saw a barrel go up from $69.37 to $76.12 at the end of the month.
This has then in turn led to a 3p a litre rise in the wholesale cost of petrol and a 2p jump in diesel.
‘Ever escalating fuel prices may help to speed up the switch to electric cars’
RAC fuel spokesman, Simon Williams said: “June proved to be a shocking month for drivers with not just the eighth straight monthly rise at the pumps, but a return to 132p a litre petrol –something we haven’t seen since October 2013.
“And if an 18p a litre hike in cost over eight months isn’t bad enough it’s hard to see the increases coming to an end as the price of oil seems to be going up and up, with $6 being added to a barrel in June alone.
“Compared to a year ago, oil is now $35 more expensive. What’s even more worrying is that some analysts are predicting an oil deficit by the end of the year, which could mean further relentless price rises in the coming months.
“If oil and, in turn, fuel prices continue to go up, the UK’s staycation summer could end up being very expensive for millions of people.
“Ever escalating fuel prices may, however, help to speed up the switch to electric cars as that is a sure-fire way of avoiding the wallet-stinging feeling at the pumps.”