Petrol and diesel drivers face misery with 'bigger forecourt price rises' on the horizon
Petrol and diesel prices could continue to rise.
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The average price of petrol has risen in July, marking the second monthly increase as diesel prices stagnated further.
A litre of unleaded petrol now costs an average of 145p, marking small increases since the start of the month and almost two pence more expensive compared to the start of June.
Experts are warning that further price jumps could be likely given the large increase in the price of wholesale oil costs.
In the last two weeks, the wholesale price of petrol has risen by 6p per litre, with retailers expected to pass on the costs in the near future.
Petrol prices have risen for the second month in a row.
PA.
Diesel drivers are also being hammered as diesel prices stayed the same at around 146p, ending a staggering eight-month run of falling prices.
The data, from the RAC, found that the price of oil went up by almost £8, meaning a barrel of oil now costs £67.49 – the highest price since April.
Simon Williams, RAC fuel spokesperson, warned that July was a “turning point” for fuel prices with petrol costs increasing and diesel not moving.
He said: “But more concerning is the fact that oil has gone back up to $85 (£67.05) a barrel, causing wholesale prices to rise significantly.
“While we’re fortunately not in the kind of upward price spiral we experienced last year, it feels like the better times at the pump are over for the time being.
“If oil producers continue to curb production then bigger forecourt price rises could be on the cards.”
Some retailers have been taking steps to help drivers save on their fuel costs, either by cutting costs or promoting competition.
Supermarket giant Asda has launched a new daily petrol and diesel price checker to help motorists get the best deal on their fuel.
The new price checker can be found on its store locator and shows what the price of fuel is at the close of the business the day before and every morning at 10.30am.
Mr Williams also highlighted how retailers were “squeezing” their margins, with the “big question” being how quickly and how far pump prices will rise.
He added: “We sincerely hope we won’t see them shoot up like the proverbial rocket as this would indicate the Competition and Markets Authority’s fuel market investigation findings and recommendations have not had an immediate impact.
“Encouragingly, there has so far been very little upward movement from the big four supermarkets but only time will tell.”
LATEST DEVELOPMENTS:
Fuel prices peaked in July 2022.
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Despite increases, petrol and diesel prices remain significantly cheaper in Northern Ireland thanks to its long-standing fuel price checker tool.
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