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Petrol prices see second-biggest monthly rise since 2000

Date: 03 May 2019   |   Author: Sean Keywood

The price of petrol rose during April by the second highest amount since 2000, according to data from the RAC.

The motoring organisation recorded a 5.44p per litre increase, from 122.62p to 128.06p, making the month second only to May 2018, when prices rose by 5.98p per litre.

The RAC said the increase was due to a 5% jump in the cost of a barrel of oil.

The cost of diesel also rose during April, by 3p per litre, from 130.70p to 133.70p.

RAC spokesman Simon Williams said that diesel buyers had cause to be aggrieved by the cost of the fuel, as its pump price was 6p per litre higher on average than petrol, despite the wholesale cost of the two fuels being very similar. 

He said: "It is very clear from our monitoring of forecourt and wholesale prices that retailers have been using the cheaper wholesale cost of diesel to subsidise petrol pump prices and had they not, a new monthly price rise record would have been set.

"As a result diesel drivers - and businesses that doesn't buy fuel in advance - are now all paying far more than they should be. 

"The rise in forecourt prices is being driven by the increase in the cost of oil which has been brought about by oil producer group Opec and non-member Russia working together to restrict oil supply, coupled with lower production from Venezuela and Libya due to troubles and US sanctions on Iran.

"Opec is due to meet at the end of next month in Vienna so we can only hope for a relaxation of production targets."