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UK fuel prices rise by around 13p a litre in a year

Date: 07 September 2018   |   Author: Sean Keywood

The cost of petrol and diesel in the UK has risen significantly during the last 12 months.

According to the RAC, over that period, the average price of a litre of petrol has gone from 117.51p to 130.59p, and diesel from 118.37p to 132.19p.

The overall rise of around 13p for the fuels includes rises during the month of August of 1.65p for petrol and 1.32p for diesel.

Overall prices have gone up in eight of the last 12 months.

The average price of petrol in the UK is now at the highest level since the end of July 2014, while for diesel the last time current prices were reached was October of the same year.

The RAC says a weak pound and oil prices over $70 a barrel are behind the increases.

RAC spokesman Simon Williams said: "August was another bad month for motorists, and it's rapidly becoming a horrible year on the UK's forecourts.  And it looks like further increases are inevitable.

"Having benefitted from some very low prices two and a half years ago drivers get a nasty shock every time they go to fill up their cars, having to fork out more and more.

"While it's clearly a tough time for regular motorists, unfortunately there is currently no end in sight to the rising cost of fuel.

"With the pound at such a low against the dollar, and fuel being traded in the US currency, it will only take a moderate rise in the price of oil for some eye-wateringly high prices to be seen at the pumps."

Williams warned that, with many factors at play in the global oil market, the price of a barrel could yet go above $80 - and stay there. 

He added: "If this were to happen it would be dire news for drivers and we could even see pump prices heading towards the record highs of April 2012 when petrol hit an average of 142p a litre and diesel 148p."

 



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