Home Business NewsBusinessAutomotive News Drivers slapped with the highest fuel price hike in over two decades

Drivers slapped with the highest fuel price hike in over two decades

by LLB Finance Reporter
4th Sep 23 11:22 am

New figures by the RAC shows that drivers have been hit with the largest monthly fuel price hike in 23 years.

In August the RAC said that the average cost of petrol was 7p higher per litre and 8p more per litre for diesel.

This was caused by an increase in the cost of oil which rose by $12 to almost $87 a barrel since the start of July amid OPEC reducing the supply which then led to the wholesale cost of fuel being passed on to motorists.

RAC fuel spokesman Simon Williams said, “August was a big shock to drivers as they had grown used to seeing far lower prices than last summer’s record highs.

“Seeing £4 or more go on to the cost of a tank in the space of just a few weeks from a pump price rise of 6-7p a litre is galling, particularly for those who drive lots of miles or run an older, less fuel-efficient car.

“While the increase is clearly bad news for drivers, it could have been far worse had the biggest retailers not let their inflated margins from earlier in the year return to more normal levels as wholesale fuel costs went up.”

“All we can hope is that this move by many big retailers back to fairer forecourt pricing remains when wholesale costs go down again. Only time will tell.”

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