Petrol up 4p a litre as biggest rise in four years punishes drivers

04 March 2024 , 22:17

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An average full tank of unleaded now costs £79.62 (Image: Getty Images/iStockphoto)

Drivers have been hit with the biggest monthly jump in fuel prices in two years.

The average cost at the pumps rose 4p a litre in February, the RAC found. Diesel shot up nearly 5p. With unleaded now 144.76p it means an average full tank is now £79.62, the motoring group’s calculations reveal. The typical 55 litres of diesel it takes to fill up a family car went up £2.60 to £84.27.

The increases have been driven by the price of oil breaking through the $80 (£63) per barrel mark on February 8 and staying there for the rest of the month.

Combined with the weakened pound worth only $1.26, retailers had to pay more for wholesale fuel as it is traded in US dollars. Other factors include the wars in Ukraine and Gaza, a cut in production by Russia and Saudi Arabia, and rising demand from China.

The RAC also found drivers in Northern Ireland are getting a far better deal at the pumps, around 5p a litre cheaper. Spokesman Simon Williams said retailers seemed happy to operate on thinner margins there.

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With the cheapest and dearest tankfuls varying by £10 at supermarkets, he added: “We hope the eventual introduction of the monitoring body recommended by the Competition and Markets Authority will help to bring an end to this postcode lottery that treats drivers so unfairly.”

Natasha Wynarczyk