Petrol price now at highest level in nearly eight years
Petrol is now at its highest price in nearly eight years after yet another month of increases.
A litre of unleaded rose by 2.7p in June – from 129.52p to 132.19p. This took it to a price last seen in October 2013.
Meanwhile diesel went up 2.5p from 131.79p to 134.32p – its most expensive price in two years (134.34p on 10 June 2019).
After eight straight months of increases at the pumps, petrol has gone up 18p since 2 November 2020 when a litre cost 114.12p.
Pump prices also jumped at the country’s four big supermarkets; the average price of unleaded now stands at 128.17p after going up 3.3p in a month. Diesel is 130.25p after a rise of 2.91p. This makes a tank of supermarket fuel on average £2.20 cheaper than at other forecourts.
June’s pump price rises have been driven by a 10% increase in the cost of oil. This saw a barrel go up from $69.37 to $76.12 at the end of the month. And this in turn led to a 3p a litre hike in the wholesale cost of petrol and a 2p jump in diesel (petrol – 102.26p; diesel 101.76p).
RAC fuel spokesman Simon Williams said: “If an 18p a litre hike in cost over eight months isn’t bad enough, it’s hard to see the increases coming to an end as the price of oil seems to be going up and up, with $6 being added to a barrel in June alone. Compared a year ago oil is now $35 more expensive.
“What’s even more worrying is that some analysts are predicting an oil deficit by the end of the year, which could mean further relentless price rises in the coming months.
“If oil and, in turn, fuel prices continue to go up the UK’s staycation summer could end up being very expensive for millions of people.”
Williams added: “Ever escalating fuel prices may, however, help to speed up the switch to electric cars as that is a sure-fire way of avoiding the wallet-stinging feeling at the pumps.”