Home Business NewsBusinessAutomotive News The price of petrol and diesel rises

The price of petrol and diesel rises

by Thea Coates Finance Reporter
21st Feb 24 10:38 am

The RAC said that the average fuel prices have risen by more than 3p per litre over the past three weeks.

On 29 January the price of petrol increased by 3.2p from 140.0p to 143.3p on Monday, whilst diesel prices surged by 4.0p per litre over the same period from 148.op to 152.0p.

RAC fuel spokesman Simon Williams said, “News that fuel prices have bottomed out and are now on the rise again is bad for drivers, and possibly the economy and future inflation rates too.

“While we’re not expecting prices to shoot up dramatically, it appears that oil is trading up, which in the absence of a stronger pound means wholesale fuel is costing more for retailers to buy in.

“The result is higher prices at the pump and more expense for the every-day driver.

“The Red Sea attacks by Houthi rebels, which are forcing tankers to avoid the Suez Canal and instead go round South Africa’s Cape of Good Hope, are clearly playing their part, but so have global refinery maintenance closures, the start of America’s driving season and UK retailers buying more fuel stocks ahead of the Budget to protect against a possible fuel duty hike by the Chancellor.”

“Despite these factors, we ought not to see forecourt prices go up too much more from where they are today, but a lot depends on how much margin the biggest retailers decide to take,” Williams added.

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