The AA and RAC have issued fresh warnings to UK drivers regarding the ongoing volatility and increases in petrol and diesel prices. Last week, Brent Crude – the international benchmark for oil – surged to $100 a barrel, marking a 2.4% rise that has influenced the cost of fuel at the pumps.
Luke Bosdet from the AA noted that while wholesale petrol prices appear to be approaching a temporary peak, the market remains highly unstable. Diesel prices, meanwhile, have also risen; the average diesel price at the pump has climbed above 190p per litre but is still below the all-time peak of 199.07p recorded in 2022 during the early months of the Ukraine conflict.
Rod Dennis, RAC senior policy officer, explained that drivers continue to face significant financial pressure with no immediate relief in sight. “With the cost of a barrel of oil averaging around $96 over the last week, wholesale prices have surged and this is now being reflected in higher prices at the forecourt,” he said.
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Dennis highlighted how global events, often occurring thousands of miles away, heavily impact UK fuel prices and suggested that this may increase calls for government support to assist households already struggling with the rising cost of living.
Bosdet added a note of cautious optimism: “There are reports of a sharp drop in petrol wholesale costs due to the seasonal switch to ‘winter spec’ fuel, which is typically cheaper. However, we remain cautious as there is significant market volatility, and many fuel stations have been slow to pass on any savings to consumers.”
He further emphasised that the recent spike in petrol wholesale prices, reaching levels not seen since the Ukraine conflict began, is swiftly being mirrored by increases at the pump, underscoring the uncertain and fluctuating nature of the fuel market.