Prices Rise at the Pumps at the Wrong Time
In just the last few days, petrol has risen by 5p per litre and diesel has risen by 7p per litre on average, with motorway service stations being some of the most expensive places to refuel, just as family’s make their summer holiday trips.
The reason for the price hike is down to the cost of Brent Crude oil once again hitting $100 per barrel on the open markets, having risen sharply in the last two weeks due to the continuing conflict in the Middle East.
With no de-escalation on the horizon, the flow of oil from the Straight of Hormuz remains restricted, putting pressure on global supplies.
According to a poll by the AA, 20.7 million cars will take to the road next week with 1.3 million cars being driven at least 300 miles.
The combined cost of those 1.3 million additional cars finding their way to their holiday destination, will now collectively cost an additional £2 million on fuel compared to just 2 weeks ago, according to the AA.
For family’s towing caravans, the additional cost will be very unwelcome news.
Luke Bosdet, the AA’s spokesman said “This is a bitter blow for the second wave of summer holiday road travellers, and it doesn’t look as if it will get any better soon. Petrol peaked at 159.7p in late May and more than half of the early summer pump savings are already gone. Diesel reached 192.4p in mid April, and business is desperately hoping the average pump price won’t get that bad.”
Petrol prices are now averaging 155.5p per litre with diesel currently averaging 172.0p per litre. And with no good news on oil supplies forthcoming, the U.K. could see petrol and diesel prices hitting those unwelcome peaks again soon.
Back in March, we published some tips to optimise fuel efficiency for your cars, and although we’re now in holiday season with cars fully laden, there are some useful suggestions to explore on fuel cost savings.
For those wishing to explore electric cars as a means to save money on fuel, head over to our Beginner’s Guide and our EV Essentials article.
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About the Author
Graeme Cobb is a lifelong car enthusiast with a passion for writing about cars, EVs, industry updates and more.
You can find Graeme on 𝕏 at @graeme_cobb
