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Petrol prices hit three-year high

Motorists are now paying the highest price for petrol since the end of 2014, following a series of pump rises.

 

petrol pump

RAC warn petrol price rises look imminent

RAC Fuel Watch data reveals the average price of unleaded in December increased for the second month running, rising by half a pence from 120.66p to 121.11p while diesel went up from 123.06p to 123.46p.

This compares to the low in early 2016 when both fuels averaged 102p a litre and July 2017 when petrol was at its cheapest point of the year at 114.33p a litre and diesel was 115.02p.

Fuel prices at the four big supermarkets went up by more than half a pence a litre in December with petrol rising from 117.26p to 117.84p and diesel from 119.69p to 120.34p.

The price rises follow an increase in the cost of oil, which is now at its highest since May 2015 at $66.61.

However, the shutdown of the North Sea Forties pipeline did not impact on the price of oil in December as had been expected.

RAC fuel spokesman Simon Williams said: “It’s hard to see pump prices getting much cheaper in the early part of 2018. Unfortunately, the good times of lower cost fuel appear to be over and it’s probably now far more likely that we will see them going up as OPEC’s oil production cuts are starting to have the desired effect of reducing the global oil glut and pushing the barrel price higher.”

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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.