RAC issues warning to all drivers over petrol and diesel prices
19.09.2023 - 16:41
Motorists are being warned they are 'in for a hard time' as fuel prices look set to rise again.
Oil prices continue to rise due to increasing demand from China as well as production cuts by Saudi Arabia and Russia.
Brent crude, the oil price benchmark, ended Monday at 94 US dollars per barrel - its highest price since mid-November 2022. Before the start of this month the highest oil price of the year was 88 US dollars in January.
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The RAC said drivers in the UK are “in for a hard time at the pumps” as prices continue to rise. RAC fuel spokesman Simon Williams said retailers should be reducing prices rather than putting them up.
The average price of a litre of petrol has already risen by 10p since the beginning of August to 155.5p, its most expensive level since mid-December last year.
Mr Williams said diesel is set to jump in price from its current average of 159p a litre to over 170p. However, he said the situation with petrol is different.
"RAC Fuel Watch data shows that prices on the forecourt are actually too high due to retailers taking bigger margins than normal," he explained. “If they were playing fair with drivers, they would be reducing their prices rather than putting them up."
Mr Williams continued: “However, if oil were to hit 100 US dollars, it should really only take the average petrol price up by another 2p. But if retailers remain intent on making more money per litre with increased margins then this could be closer to 160p.”
Petrol prices reached a peak of 191.6p in July 2022.
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