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Petrol prices rise by 8p per litre since start of year

Petrol prices have surged by 8p per litre since the beginning of the year, leading to concerns about its impact on households, businesses and the economy

The cost of petrol has surged by 8p per litre since the start of the year, sparking concerns among consumers and industry experts.

RAC fuel price spokesperson Simon Williams highlighted the challenges faced by drivers, with fuel prices climbing by 9p per litre overall in 2024.

This increase translates to an additional £5 for the average family car’s fuel costs.

Simon Williams said: “Both petrol and diesel are now the most expensive they’ve been since November last year which is bad for households, businesses and the economy, especially as we know there is a close link between fuel prices and inflation.

“With increased tensions in the Middle East, the cost of oil is only likely to go up which could push petrol well above 150p a litre. While diesel is getting close to 160p, this is purely down to retailers taking much bigger margins as there’s only been a few pence between the wholesale prices of both fuels since mid-March.

“We find it hard to believe that a margin of 13p a litre on diesel – compared to the long-term average of 8p – is fair. This surely won’t go unnoticed by the Competition and Markets Authority which only two weeks ago expressed its concern about higher retailer margins.”

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