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Fuel prices on the rise ahead of Budget

By / 5 years ago / Latest News / No Comments

Tesco was the first supermarket to increase its prices, pushing the price of petrol to over a litre following a rise in wholesale prices, and the RAC has reported that Morrisons has also increased its prices.

RAC fuel spokesman Simon Williams added: “We may well see others follow suit this week unless they’re prepared to absorb increased wholesale costs for the benefit of their customers. As a result we’re seeing average prices rise slightly, with a litre of unleaded petrol now being sold for a little under 103p and diesel for just over that price.

“Fortunately, while the crude oil price has risen it causing wholesale fuel prices to go up, it is still relatively low – currently hovering around the $40 a barrel mark. So while the magic sight of fuel being sold for under £1 a litre might be starting to disappear, we don’t think motorists need to be concerned that prices are going to suddenly shoot up, unless of course the Chancellor decides to increase fuel duty in tomorrow’s Budget.

“The slight increase in wholesale fuel prices should not be an excuse for more expensive retailers, including motorway service stations, to hike the cost of fuel and unfairly hit the motorist.”

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