UK Motorists have been warned that fuel prices may soon reach their highest level ever. A combination on the weak pound and surging wholesale prices has seen fuel prices rocket by over 5p a litre in a month.
The latest official figures show that petrol has risen 6.24p since January. This has added £3.12 to the cost of refilling a typical 50-litre fuel tank.
Current figures from PetrolPrices.com show that that the UK average is a litre of diesel stands at 149.86 pence per litre with regular unleaded prices at 139.2 pence per litre
The biggest factor in these price hikes is the weakening pound. It recently hit a two-and-a-half-year low against the US dollar. Refined products such as crude oil are traded in US dollars and therefore become more expensive when the pound falls. It’s also expected that the recent decision by Moody’s to strip the UK of it’s triple A credit rating could see the pound weaken even further.
Another factor driving fuel prices is the rising price of oil on the international market. There is no indication on what is causing this as supply and production rates are currently at good levels.
According to figures from the AA, the UK has the thirteenth highest petrol price in Europe and the fourth highest diesel price.