Pump prices hit six-month high after February rise
Average petrol prices are at their highest level since last September after yet another month of pump price rises.
Petrol prices are back at a level last seen on 6 September 2024
The cost of a litre of unleaded rose by 0.65p in February to reach 139.65p, returning to a level last seen on 6 September 2024 when it was 139.81p.
Average diesel prices also went up last month by 0.73p to 146.48p, a price last seen on 29 August 2024 when it was 146.55p.
The RAC data also reveals a full fill-up of a family sized petrol car now costs £76.81, up almost £3 since the start of October when the price was £73.88 (134.33p a litre).
A diesel fill-up today now costs more than £80, with the average cost at £80.56 a tank, up more than £4 since early October last year (£76.45 –139p a litre).
Supermarkets remain cheaper; they’re currently charging drivers on average 2.3p less per litre of unleaded compared to the UK average (137.36p compared to 139.65p), and 2.6p less per litre of diesel (143.91p compared to 146.48p). And some sites are charging substantially less, with supermarkets close to Stoke-on-Trent and Newcastle-upon-Tyne selling unleaded for just 127.7p a litre.
Drivers have now endured five consecutive months of price rises
Some independent forecourts are also charging significantly less – with one in Shropshire selling petrol at just 126.9p a litre and diesel at 135.9p a litre, equating to just £69.80 for a complete petrol fill-up; £7 less than the average UK cost.
Drivers in Northern Ireland continue to get the best deals on fuel. At the end of February, the average price of a litre of unleaded was just 132.9p – nearly 7p less than in the rest of the UK – with diesel at 138.9p, more than 6p less a litre.
The latest rise in pump prices is down to higher wholesale costs for retailers, driven by the increasing cost of oil, which climbed to $82 a barrel in mid-January. This was primarily due to greater demand in the northern hemisphere caused by the cold snap, along with concerns about possible supply disruptions ahead of the changeover of the United States presidency.
But oil prices, and therefore wholesale fuel prices, have now been falling again for several weeks – and the RAC says lower forecourt prices are now due.
Fuel spokesperson Simon Williams remarked: “With wholesale fuel costs falling throughout February, there’s a good prospect petrol and diesel prices will come down this month as retailers buy fresh stock at lower prices.
“As always, it really does pay to shop around because pump prices at supermarket sites vary by as much as 13p a litre.”