Petrol and diesel prices in the UK have sharply increased, crossing 150p per litre with rising oil costs and a weaker pound exacerbating the situation for drivers.
UK petrol prices have climbed above 150p per litre for the first time since November of the previous year, with similar trends observed in diesel prices, which have reached 158.3p per litre, according to Fuel Prices Online. This increase is attributed to a combination of rising oil costs and a depreciating pound against the US dollar.
Luke Bosdet of the AA has expressed concerns about the financial burden on drivers due to this surge in petrol prices. Simon Williams from the RAC also noted that the price rise has significantly impacted motorists, particularly those using diesel vehicles, who are facing even higher costs due to larger retail margins.
Recent data indicate that over a quarter of UK petrol stations are charging at least 150p per litre. This trend follows four consecutive weeks where petrol prices have remained above last year’s levels. Despite the current high prices, there is some hope for stabilization, driven by potential falls in wholesale oil costs. However, future pricing at the pumps will largely depend on the retailers’ strategies regarding their profit margins amidst ongoing market fluctuations.
