Home Business NewsBusinessAutomotive News Petrol prices soar amid the rise in ‘the cost of oil’ and a ‘weakening pound’

Petrol prices soar amid the rise in ‘the cost of oil’ and a ‘weakening pound’

23rd Apr 24 1:36 pm

For the first time since November 2023 the price of petrol has exceeded 150p per litre due to the rise in the “cost of oil” along with a “weakening pound.”

Fuel Prices Online website shows data collected indicates that pump prices rose to 150.1p per litre on Monday.

RAC fuel spokesman Simon Williams said, “Drivers are now really starting to feel pain at the pumps, with a litre of unleaded already up by more than 3p since the start of the month and 9p since the start of the year, adding £1.65 and £5 respectively to the cost of filling a typical family car.

“There are two reasons for this, the rise in the cost of oil and a weakening pound, which makes it more expensive when retailers come to buy new fuel supply.”

He said a reduction in retailer’s fuel purchase prices should mean the cost at the pump does not “rise much further, if at all.”

He warned, this “much depends on the margin these same retailers decide to take.”

He added, “Right now, it’s drivers of diesel vehicles who have the right to feel aggrieved as the average margin on a litre of diesel is 14p which is well up on the long-term average of 8p.

“Higher margins always mean higher prices for drivers.”

AA fuel price spokesman Luke Bosdet said, “Inflation has been heading downwards at quite some speed but petrol’s rebound to 150p a litre leaves a big boulder in the road.

“Government data shows that for the fourth week petrol prices have been higher than at the same time a year ago.

“This last happened in February 2023.

“Five days of falling wholesale costs, with the value of oil coming off the boil, offers hope that pump prices may not get much worse in the short-term.

“However, road fuel priced above 150p a litre grabs the attention of drivers and will lead some to re-tighten their belts on other spending.”

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