PUMP PRICES REACH A 4-YEAR HIGH

The price of petrol and diesel has risen again, meaning that fore court bills have now risen for eight of the last 12 months.

A rising wholesale oil price combined with a weakened pound means that motorists are now paying 13p per litre more for petrol than a year ago and 14p for diesel.

The cost of petrol is now at its highest since August 2014, with diesel at its most expensive since October this year.

According to RAC Fuel Watch data, the average litre of unleaded rose by 1.65p in August to 130.59p and diesel by 1.32 p to 132.19p.

The latest rises mean an average family now costs £7 more to fill if it’s a petrol and more than £8 if it’s a diesel.

RAC fuel spokesperson Simon williams said :“august was another bad month for motorists. It’s rapidlybecoming a horrible year on theuk’ s forecourts and it looks like further increases are inevitable.

“While it’s clearly a tough time for regular motorists unfortunately there is currently no end in sight to the rising cost of fuel. With the pound at such a low against the dollar, and fuel being traded in the US currency, it will only take a moderate rise in the price of oil for some eyewateringly high prices to be seen at the pumps.”

The price of a barrel of oil is significantly lower now than in 2014 - $77.54 compared with $106 - but the value of the pound against the dollar is also much lower - $1.29 against $1.70 - which means both petrol and diesel are far more expensive for retailers to buy on the wholesale market.

Mr Williams added: “With many factors at play on the global oil market the price of a barrel could easily break through the $80 mark and stay there. If this were to happen it would be dire news for drivers and we could even see pump prices heading towards the record highs of April 2012 when petrol hit an average of 142p a litre and diesel 148p.”