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RAC reports sixth consecutive month of petrol price rises
Date: 06 May 2021 | Author: Sean Keywood
The average price of a litre of petrol at UK forecourts went up in April for the sixth month in a row, according to the RAC.
It said a 0.89p rise took the average cost of a litre to 127.19p, the highest level seen since January 2020.
Diesel prices were also up, for the fifth month in a row, with a 0.62p rise to 129.73p.
According to the RAC, yet more price rises could be on the way, with the cost of a barrel of oil having risen by nearly $5 during April, which is set to translate to further pump price increases during May.
The organisation added that hopes for a recovery in demand for oil this summer could still push up prices even further.
RAC spokesman Simon Williams said: "April marks six months of rising petrol prices and sadly there's no end in sight as oil is getting perilously close to hitting $70 a barrel - something we haven't seen for more than two years. If oil breaks this threshold, it will inevitably spell more bad news for drivers at the pumps.
"With lockdown restrictions easing, it's very frustrating for drivers that they're now having to contend with even higher fuel prices just at the point where many will be driving a lot more. But unfortunately, it's the very fact people are driving more that's causing petrol prices to go up as demand for oil - and in turn fuel - begins to outpace supply."
Williams said the saving grace for UK fuel prices was the relative of the pound compared to the US dollar, with oil traded in the latter currency.
He added: "Progress in the global battle against the coronavirus will be critical in determining where fuel prices go from here.
"The success of domestic vaccination schemes could lead to greater demand for fuel and in turn rising prices due to global supply restrictions. Ongoing travel restrictions in other countries around the world may also prolong oil output restrictions and force fuel prices in the UK higher still.
"Currently, diesel car drivers have genuine cause to feel let down by fuel retailers as they should really be paying a lot less per litre to fill up as the wholesale price has been similar to that of petrol for most of April. Despite this, diesel is 2p a litre more expensive than petrol."
