In recent months we have been treated to lower petrol prices with many places going under a £1 per litre but like all good things, this has come to an end. Despite fuel duty tax being frozen as part of the 2016 budget, petrol prices have risen for the first time since July 2015. The rises amount to an average of 3.4p per litre, with experts saying this is down to oil prices reaching $40 (£28) per barrel.
A report conducted by the RAC calculated that this would mean an extra £1.84 to fill up a 55-litre car using standard unleaded fuel. Diesel owners don't fare much better either, as it has also risen by a cost of 3.7p per litre, despite the wholesale price rising by 1.5p. The RAC reckons that this due to retailers looking to increase their profit margin or subsidise the price of petrol, or maybe even both.
Simon Williams, the RAC’s fuel spokesman, said: “The good times for motorists enjoying lower fuel prices had to come to an end at some point, but unfortunately it’s happened with a bit more of a bump than motorists were probably expecting.”
He also added: “It looks as though we are heading towards a new norm of the oil price fluctuating between lower and upper limits of $35 and $55 a barrel.
“This means that motorists should hopefully not see the eye-watering prices they were paying at the pumps in April 2012 when the average price of petrol was 142p and diesel was close to 150p per litre.”