Recent data from the RAC shows that petrol prices have risen by 3p and diesel by 4p in the past three weeks, impacting the cost of refuelling for families.
This upward trend concerns drivers, with unleaded rising by 3.2p from 140p on January 29 to 143.4p on February 18, and diesel climbing from 148p to 152p in the same period, adding approximately £2 to the cost of filling up a family car.
According to RAC Fuel Watch data, petrol had been experiencing a welcome decrease over the past three months, dropping by 17p from 157p to below 140p in mid-January.
This marked the first time it had fallen below this threshold since mid-October 2021. Similarly, diesel prices had also declined by 15p from 163p in early October to just under 148p in late January, although they were cheaper for much of the previous summer.
The recent pump price increases are attributed to a rise in the price of oil, which has consistently traded above $80 (£63.3) a barrel for the majority of the last four weeks, a significant increase from previous months.
RAC fuel spokesman Simon Williams said: “News that fuel prices have bottomed out and are now on the rise again is bad news for drivers and possibly the economy and future inflation rates, too.
“While we’re not expecting prices to shoot up dramatically, it appears that oil is trading up, which in the absence of a stronger pound, means wholesale fuel costs more for retailers to buy in. The result is higher prices at the pump and more expense for the everyday driver.
“The Red Sea attacks by Houthi rebels, which are forcing tankers to avoid the Suez Canal and instead go round South Africa’s Cape of Good Hope, are clearly playing their part, but so have global refinery maintenance closures, the start of America’s driving season and UK retailers buying more fuel stocks ahead of the Budget to protect against a possible fuel duty hike by the Chancellor.”
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