Petrol and diesel drivers brace for 'inevitable' fuel price rises as costs hit 16-month high

Petrol and diesel drivers continue to be hammered at the pumps as oil costs continue to wreak havoc for fuel stations across the UK.

New data from the RAC shows that petrol has now increased to 3.7p to 136.52p per litre since Saturday amid escalating tensions in the Middle East.

Diesel drivers are facing the most expensive fuel prices in 16 months, with prices rising by six pence to 148.35p per litre.

In the space of less than a week, the average cost to fill up an average 55-litre family car has jumped £2 for petrol and almost £3.30 for diesel.

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This will come as unwelcome news for drivers up and down the country, many of whom are still dealing with expensive fuel prices.

The RAC explained that wholesale costs for any retailer buying in new stock have increased, although it could take two weeks for prices at forecourts to change.

Simon Williams, head of policy at the RAC, said: "Brent crude jumped to $85 (£63.60) on Thursday, something we haven't seen since July 2024.

"If the price of a barrel stays at this level, or increases, then further forecourt rises will be inevitable.

"While the rate of increase has been fast, we're fortunately a long way from the record prices of 2022 when the average price of petrol hit 191.5p and diesel 199p."

Record fuel prices came in the months following the Russian invasion of Ukraine, which sent shockwaves through the global oil and gas industries.

This was despite the Government introducing a 5p per litre cut to the rate of fuel duty in a bid to alleviate pressure from petrol and diesel drivers at the pumps.

Chancellor Rachel Reeves announced that Labour would continue the Conservative-era fuel duty cuts, although this will be phased out later this year.

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As announced in the Autumn Budget, the 5p cut will be reversed by 1p in September, 2p in December and a further 2p in March 2027.

This will return rates to pre-March 2022 levels, while the Government will also oversee the uprating of rates by the rate of inflation from April 2027.

Campaigners had called on Chancellor Rachel Reeves to provide support for drivers in this week's Spring Statement, although this did not materialise, despite the growing tensions in the Middle East.

RAC Fuel Watch now forecasts the price of unleaded petrol and diesel, as well as premium versions of both fuels, to rise in the near future.

Howard Cox, founder of FairFuelUK, reported that more than 120 supporters of the organisation had reported soaring petrol and diesel prices over the last few days.

He reported that prices have increased by an average of 6.7p for petrol and 8.8p for diesel, with Mr Cox warning that this could continue as strikes involving Iran, the United States and Israel continue.

He added: "Most of these forecourts, many believe, are selling fuel at these higher prices even though they bought these stocks before any wholesale rises.

"It seems opportunistic profiteering is rife once again. Where is PumpWatch to stop this opportunistic profiteering?"

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