Blow to drivers as petrol prices rise for first time in five months

MOTORISTS have been hit by a fresh rise in petrol prices, with the cost of fuel increasing by 3.67p per litre in a month.

The latest rise reverses a 15-week fall between October and mid-january, according to the latest AA Fuel Price Report. On Monday, petrol averaged 143.45p a litre, having been 139.78p in mid-january. Drivers in Scotland, Wales and the North suffered the highest rises, averaging 4p a litre.

Diesel prices have increased even faster than petrol, rising from an average of 147.62p a litre in mid-january to 151.97p in mid-february – a jump of 4.35p a litre. The rises will undermine hopes of further falls in inflation rates.

“The price of oil has been rising since the second week of December but only in February have drivers begun to feel the pinch from rising pump prices,” said Luke Bosdet, the AA’S spokesman on road fuel prices. “Greater price variation among supermarkets is likely one reason but bigger price increases in the North, Scotland and Wales compared to the South have played a part. Overall, dearer fuel will reheat inflation and that’s even more bad news.”

London remains the most expensive UK region for fuel with petrol averaging 144.6p and diesel 153p. Northern Ireland

remains the cheapest with petrol at 137.7 and diesel at 147.5.

Wholesale costs had started to rise before Christmas but only since the end of January has the increase in average pump prices accelerated. At that point, drivers paid typically 140.44p a litre and now it is 3p higher. The increases follow the growing conflict in the Middle East and the surge in shipping prices triggered by chaos in the Red Sea, which is forcing oil tankers and other vessels to reroute from the Suez Canal around South Africa.

The Suez Canal route is used by ships carrying a 10th of the world’s crude oil and petroleum products and 8pc of liquefied natural gas (LNG).

However, prices remain well below the record highs of summer 2022. They peaked on July 3 2022 at 191.53p for a litre of petrol and 199.07 for a litre of diesel. The rises come amid a government consultation on fuel transparency. It is proposing a nationwide “pumpwatch” scheme under which drivers will be able to get the latest petrol station prices at the click of a button.

Under the proposals, forecourts will be required to share live information on their prices within 30 minutes of any change in costs, which could save drivers 3p per litre on fuel by helping them find the best deal at the pump.