The price of petrol and diesel stabilised in February after two months of rises at the pump but prices remain up year on year.

After two months of rises at the pumps, the price of petrol and diesel stabilised in February, according to RAC Fuel Watch data.

Latest RAC Fuel Watch data shows diesel finished February at 122.25p a litre, having started at 122.31p, while unleaded saw a slight increase from 120.05p to 120.23p a litre.

The prices compare to a national average of 101.31p for diesel and 101.65p for petrol a year ago.

The RAC said the stabilisation of pump prices during February has been brought about by the fact the two key price-determining factors – the price of oil and the sterling/dollar exchange rate – have both steadied, keeping wholesale prices in check. A barrel of oil averaged $55 throughout the month and the pound was worth on average $1.25.

RAC fuel spokesman Simon Williams said: “While the price of oil has shot up by $10 since the end of November when many oil producing countries agreed to curb production it appears to have settled around the $55 mark which will be a relief to motorists who no doubt felt forecourt prices were constantly heading in the wrong direction. Filling up an average car is sadly now £11 more expensive than a year ago.

He added: “The agreement between OPEC and non-member countries seems to be holding firm for the time being which is not good news for motorists. For prices at the pumps to come down again we would need the oil price to reduce and the pound to make up some of its lost ground on the dollar.

“So a month where fuel prices have stayed broadly the same is welcome news. Given the global oil production situation and the weaker pound all we can really hope for at the moment is some continued price stability on the forecourt.”

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