Motorists ‘having to dig deeper’ as wholesale oil prices rise – RAC
Average price of a litre of petrol has risen by 5p in the last week alone.
Drivers face the need to ‘dig deeper’ as wholesale prices of oil cause the cost of petrol and diesel to surge.
That’s according to the RAC, which has released data to show how petrol prices have reached their highest level since September 2022, increasing by 5p a litre in the last week alone.
The average cost of a litre of unleaded now stands at 167.17p, while diesel has risen by the same amount to 188.63p a litre. It marks the highest that petrol pump prices have been since the start of the conflict between the US and Iran.
Rod Dennis, RAC senior policy officer, said: “The latest price rises throw into sharp focus just how exposed UK drivers can be to events thousands of miles away, and will likely increase calls for the Chancellor to demonstrate support for households already struggling with the rising cost of living.
“As things stand, fuel duty – which, together with tax, accounts for half of the cost of every litre of petrol we buy – is set to start rising from January but we believe there is a very strong case for leaving it at its current level, at least until the end of the Parliament.”
A recent survey by the RAC has shown that the majority of younger drivers now want their first car to be electric, too, with a survey of 1,500 drivers by E.ON Next showing that 20 per cent of those questioned saw day-to-day affordability as a key benefit of owning an EV.