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‘No end in sight’ to pump price rises, warns RAC

Increases in both petrol and diesel prices in August mean that unleaded and diesel are now at their highest level in over four years – with ‘no end in sight’ to pump price rises.

Both petrol and diesel are 13p a litre more expensive than a year ago

Last month saw unleaded increase by 1.65p to 130.59p while diesel went by 1.32p to 132.19p in the month, RAC data shows. The latest rises mean that petrol prices have gone up for eight of the last 12 months while diesel drivers have suffered nine months of increases.

Both fuels are now 13p a litre more expensive than this time last year and RAC fuel spokesperson Simon Williams said it seems further increases are inevitable.

“While it’s clearly a tough time for regular motorists unfortunately there is currently no end in sight to the rising cost of fuel,” he commented. “With the pound at such a low against the dollar, and fuel being traded in the US currency, it will only take a moderate rise in the price of oil for some eye-wateringly high prices to be seen at the pumps.

“With many factors at play on the global oil market the price of a barrel could easily break through the $80 mark and stay there. If this were to happen it would be dire news for drivers and we could even see pump prices heading towards the record highs of April 2012 when petrol hit an average of 142p a litre and diesel 148p.”

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Natalie Middleton

Natalie has worked as a fleet journalist for 16 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. As Business Editor, Natalie ensures the group websites and newsletters are updated with the latest news.