Price of petrol up 8p per litre since start of year - RAC reaction

In response to news that average petrol prices have risen by nearly 8p per litre so far this year, RAC fuel price spokesperson Simon Williams said: “This year is proving to be another tough one for drivers with the price of fuel going up 9p a litre so far, adding £5 to the cost of filling up an average family car.

“Both petrol and diesel are now the most expensive they’ve been since November last year which is bad for households, businesses and the economy, especially as we know there is a close link between fuel prices and inflation.

“With increased tensions in the Middle East, the cost of oil is only likely to go up which could push petrol well above 150p a litre. While diesel is getting close to 160p, this is purely down to retailers taking much bigger margins as there’s only been a few pence between the wholesale prices of both fuels since mid-March. We find it hard to believe that a margin of 13p a litre on diesel – compared to the long-term average of 8p – is fair. This surely won’t go unnoticed by the Competition and Markets Authority which only two weeks ago expressed its concern about higher retailer margins.”