Petrol prices have reached their highest point in six months, new analysis reveals.
According to the RAC, the average cost of a litre of petrol in the UK increased by 0.65p in February, reaching 139.65p. This hike is mainly attributed to higher wholesale costs, which were influenced by a rise in oil prices. In mid-January, the price of oil surged to 82 US dollars per barrel.
As a result, filling a family-sized petrol car now costs £76.81 on average, an increase of nearly £3 since October when petrol was priced at 134.33p per litre.
Diesel prices also rose in February, climbing by 0.73p to 146.48p per litre. This is the highest price seen since late August 2024. The increase in wholesale costs was mainly driven by higher demand in the northern hemisphere due to a cold snap, as well as concerns about potential supply disruptions surrounding the US presidential transition.
RAC fuel spokesperson Simon Williams expressed disappointment at the continued price rise, noting, “It’s frustrating to see pump prices rise again in February, with drivers now facing some of the highest costs since the end of last summer.”
Williams explained that drivers were particularly affected by the spike in wholesale prices during January, compounded by global oil prices hitting 82 dollars per barrel in mid-month. However, he remained hopeful, stating, “There is optimism for a price drop, as wholesale fuel costs fell throughout February. Petrol and diesel prices could decrease this month as retailers purchase new stock at lower prices.”
He also advised drivers to shop around, as supermarket fuel prices can vary by up to 13p per litre.
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