MOTORISTS have been warned to brace for further fuel price rises after petrol hit its highest level since the Iran conflict first sent shockwaves through global oil markets.
The average price of a litre of unleaded now stands at 163.36p, while diesel has climbed to 184.99p, according to the latest figures from the RAC.
Both fuels have risen by around a penny a litre in just the past week alone, as the cost of oil continues to climb on international markets.
RAC senior policy officer Rod Dennis said the price of a barrel of oil has traded above $94 (£69) all week, marking the first time it has reached that level since before the summer.
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He said this meant there was now “upward pressure on wholesale fuel prices” and warned that this “almost certainly means drivers will start paying noticeably more at the pumps in the coming weeks.”
Despite the latest rise, drivers have been told the situation could be worse, with prices still someway short of the record highs seen after Russia launched its invasion of Ukraine.
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Dennis said that while today’s prices marked the highest since the start of the Iran conflict, motorists were “thankfully still some way off the highest prices we saw following the onset of Russia’s war on Ukraine.”
However, he warned the outlook remains bleak for many households already struggling with the cost of living.
He said that “with household budgets continuing to feel the squeeze the outlook for those that depend on the car isn’t looking good at all.”
Figures from the RAC show just how sharply prices have surged since the start of this year.
Unleaded has risen from 132.83p a litre at the end of February to 163.36p now, an increase of 30.5p a litre.
Diesel has jumped from 142.38p a litre to 184.99p over the same period, a rise of 42.6p a litre.
That represents a rise of 23% for petrol and almost 30% for diesel, piling further pressure on drivers already grappling with rising bills elsewhere.
The RAC is urging drivers to shop around to avoid paying over the odds at the forecourt.
Dennis said motorists can “ensure they pay not a penny more for fuel than they need to by using free apps like myRAC to find the cheapest place to fill up wherever they are.”
You can also use our interactive tool to help you find the cheapest petrol stations in your area below.
