Currently reading: Petrol price rises criticised
Cost of petrol leaps almost 5p a litre in a month

Petrol prices are rising faster than during last spring’s fuel price surge, prompting fears of record prices this summer.

Including the 2.12p increase in fuel duty and VAT on 1 April, average UK petrol prices have risen 4.45p in a month, according to the latest AA Fuel Price Report.

The price of oil rose around $5 a barrel between mid-March and mid-April, and the average price of petrol went up from 90.56p per litre to 95.01p.

During the same period last year, when oil rose $10 a barrel, the average price of petrol rose 1.3p, from 106.8p to 108.1p per litre.

Diesel prices have remained more stable, rising an average of 0.8p a litre in the same period.

The recent increase in petrol prices means that motorists now have to pay an extra £2.23 for an average tank of fuel.

"It is not clear whether it is the stock markets or the oil industry trying to pump up the value of oil," said Edmund King, AA president.

"However, the laden tankers moored off-shore as temporary storage indicate major stock surpluses. There is growing concern that the fundamentals of supply and demand are not being reflected in prices."

Add a comment…