Petrol Prices Continue to Soar

Petrol prices are once again set to hit the pocket of motorists hard after climbing to their highest levels in two years.

Having previously stooped as low as 106p in May 2020, as demand for oil plummeted amid a near worldwide stay at home order in the middle of the Covid-19 pandemic, that trend has firmly been set in reverse.

The RAC believes the latest rises may be retailers attempting to make up for lost revenue, with the average cost of a litre of petrol now up to 129.27p.

“After seven consecutive months of rising prices drivers will be wondering if the increases are ever going to end,” said RAC spokesman Simon Williams.

Buying fuel at the supermarket forecourts will save motorists approximately 4p a litre, with roughly 60% of fuel sales coming through one of the big four supermarkets in the UK.

“We urge retailers not to take advantage of drivers and fairly reflect what’s happening with wholesale prices on the country’s forecourts,” added Williams.

“Driver’s fuel price fate depends on what happens with global oil production and demand. Oil producers had curbed supply due to lower demand but have been releasing more product as the travel recovery continues.”

The warning comes with petrol prices having risen 15.5p-a-litre in the last seven months, with diesel now 20p-a-litre more expensive than last May.

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