Average petrol prices above 150p per litre for first time since November

23 April 2024 , 11:40

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'Government data shows that for the fourth week petrol prices have been higher than at the same time a year ago,' said Luke Bosdet of the AA (Image: PA Wire/PA Images)

Average petrol prices have soared above 150p per litre for the first time since November, according to new data.

Figures gathered by Fuel Prices Online reveal that typical pump prices hit 150.1p per litre on Monday. The average price of a litre of diesel has also reached its highest level since November 2023, standing at 158.3p.

The recent surge in fuel prices is being attributed to an increase in oil costs and a weakening pound against the US dollar. AA's fuel price spokesperson, Luke Bosdet, commented: "Inflation has been heading downwards at quite some speed but petrol's rebound to 150p a litre leaves a big boulder in the road."

He added: "Government data shows that for the fourth week petrol prices have been higher than at the same time a year ago. This last happened in February 2023."

"Five days of falling wholesale costs, with the value of oil coming off the boil, offers hope that pump prices may not get much worse in the short-term. However, road fuel priced above 150p a litre grabs the attention of drivers and will lead some to re-tighten their belts on other spending."

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The figures are based on data from regulator the Competition and Markets Authority analysed by Fuel Prices Online. The AA said analysis of nearly 3,000 forecourts shows 28.1% were charging at least 150p per litre for petrol on Monday, compared with 23.8% a week earlier.

RAC fuel spokesman Simon Williams has highlighted the increasing strain on motorists. He said:: "Drivers are now really starting to feel pain at the pumps, with a litre of unleaded already up by more than 3p since the start of the month and 9p since the start of the year, adding £1.65 and £5 respectively to the cost of filling a typical family car."

He explained the reasons behind the surge: "There are two reasons for this, the rise in the cost of oil and a weakening pound, which makes it more expensive when retailers come to buy new fuel supply."

Mr Williams suggested that a drop in retailers' fuel purchase costs could mean that pump prices "don't rise much further, if at all". However, he cautioned that "much depends on the margin these same retailers decide to take".

He also pointed out the particular plight of diesel vehicle owners: "Right now, it's drivers of diesel vehicles who have the right to feel aggrieved as the average margin on a litre of diesel is 14p which is well up on the long-term average of 8p."

Mr Williams concluded with a stark reminder: "Higher margins always mean higher prices for drivers."

Lawrence Matheson