FILLING UP RISES £2 IN A MONTH
DRIVERS are facing the highest prices at the pumps for more than three and a half years. The cost of filling a tank in a typical petrol or diesel car has soared by £ – or 4p a litre – in the past month.
Petrol has surged past the 1 5p a litre barrier, pushing up the cost of staycations and weekend breaks for millions of families as the late May bank holiday nears.
Yesterday the oil price hit $80 a barrel for the first time since November 014 amid concerns that Donald Trump’s decision to pull out of the Iran nuclear deal and impose sanctions will hit production.
With market speculators predicting oil will hit $100 a barrel next year, or even $150, petrol retailers are warning drivers to brace themselves for record prices at the pumps. Six years ago petrol hit a high of 14 p per litre and diesel hit 148p. If this were to be repeated, filling up a 55litre petrol car would soar to £78, while a tank of diesel would cost more than £81.
This compares to £69 and just under £71 respectively as of Tuesday this week.
According to the AA’s latest fuel price report, drivers face spiralling costs.
Petrol prices hit 1 6.04p per litre this week, and 1 8.79p per litre for diesel – the highest level since October 014.
Publishing its report today the AA hit out at ‘market speculators’ and retailers for ‘deliberately talking up’ the price of oil to boost their profits.