Due to an increase in oil costs motorists are being hit by rising fuel prices and the Competition and Markets Authority published in December said drivers were the victim of “rocket and feather” pricing.
Figures from data company Experian revealed on Monday the average price of a litre of petrol at the forecourts was 148.8p, which is up from 148.4p a week earlier.
However, fuel still remains considerably lower than the record high of 191.5p in July last year and the average price of diesel was 170.4p on Monday, which is up from 170.3p last Wednesday.
AA fuel price spokesman Luke Bosdet said, “After a fall of close to 43p a litre since the summer record, drivers feared that a rebound in petrol prices would eventually happen.
“So far, pump price averages have risen only slightly.
“But today’s price is only 0.9p below the average price at the start of the Ukraine war on February 24 when pump prices surged.”
At the start of January a barrel of oil fell below $78 and was valued at $86 to $88 last week and as a result this pushed up the price of wholesale cost in fuel.
The competition watchdog said that motorists are the victim of “rocket and feather” pricing which is when the price of fuel at the forecourt reflect the rising wholesale costs, but are slow to drop when costs fall.