Yahoo Finance Average petrol prices above 150p/litre for first time since November
Average petrol prices are exceeding 150p per litre for the first time since November last year, new figures show.
Data collated by website Fuel Prices Online shows typical pump prices reached 150.1p per litre on Monday.
The average price of a litre of diesel is also at the highest level since November 2023, at 158.3p.
Rising fuel prices in recent weeks have been attributed to an increase in the cost of oil and a weakening of the pound versus the US dollar.
AA fuel price spokesman Luke Bosdet said: “Inflation has been heading downwards at quite some speed but petrol’s rebound to 150p a litre leaves a big boulder in the road.
“Government data shows that for the fourth week petrol prices have been higher than at the same time a year ago.
“This last happened in February 2023.
“Five days of falling wholesale costs, with the value of oil coming off the boil, offers hope that pump prices may not get much worse in the short-term.
“However, road fuel priced above 150p a litre grabs the attention of drivers and will lead some to re-tighten their belts on other spending.”
The figures are based on data from regulator the Competition and Markets Authority analysed by Fuel Prices Online.
The AA said analysis of nearly 3,000 forecourts shows 28.1% were charging at least 150p per litre for petrol on Monday, compared with 23.8% a week earlier.
RAC fuel spokesman Simon Williams said: “Drivers are now really starting to feel pain at the pumps, with a litre of unleaded already up by more than 3p since the start of the month and 9p since the start of the year, adding £1.65 and £5 respectively to the cost of filling a typical family car.
“There are two reasons for this, the rise in the cost of oil and a weakening pound, which makes it more expensive when retailers come to buy new fuel supply.”
Mr Williams said a reduction in retailers’ fuel purchase costs should mean pump prices “don’t rise much further, if at all”, but he warned that “much depends on the margin these same retailers decide to take”.
He added: “Right now, it’s drivers of diesel vehicles who have the right to feel aggrieved as the average margin on a litre of diesel is 14p which is well up on the long-term average of 8p.
“Higher margins always mean higher prices for drivers.”
