Bad news for motorists as fuel prices increase EVERY DAY since March
A study by the RAC has revealed that UK supermarkets have raised petrol and diesel prices every day since 26 March.
In the last eight weeks, the average price of a litre of unleaded at one of the UK’s big four supermarkets rose from 116.66p per litre to 124.74p per litre.
Diesel also increased from 119.35p to 127.69p over the same period. Across the country, that leaves average petrol prices at 128.29p per litre, while diesel has increased to 131.15p per litre.
The rise has been put down to two main factors – a rise in oil prices to more than $80 per barrel and the unfavourable pound/dollar exchange rate. Because fuel is traded in dollars, the weaker the pound, the more expensive wholesale fuel becomes for UK drivers.
It also means that if oil prices rise to $90/barrel or more at the sterling’s current exchange rate, unleaded would rise to 137p per litre. If it rises to $100/barrel, it would set a new petrol high price of 143p. The previous record high occurred in April 2012, when average unleaded prices hit 142.2p per litre.
RAC spokesman Simon Williams said: “This is the worst series of consecutive daily supermarket price rises we have seen since we began monitoring this three and a half years ago.”
He also commented that the supermarkets have been hasty in passing on increases in the wholesale price – at least far quicker than they ever pass on any falls.
“The outlook for fuel prices in the weeks ahead is not good with another penny a litre expected to be added to the current average prices of petrol and diesel. All we can do is hope the international forces which have caused the oil price to rise ease and take the heat out of prices on the forecourt.”
For more info on upcoming increases to company car advisory fuel rates in June, click here.