No end in sight to ‘horrible year’ for drivers of rising petrol prices

FUEL PRICES could reach a fiveand-a-half year high as there is “no end in sight” to the rising cost of filling up, a motoring firm has claimed.

The RAC warned that 2018 is “rapidly becoming a horrible year on the UK’s forecourts” and described the prospect of further increases in petrol prices as “inevitable”.

Government figures show the average cost of unleaded is £1.30 per litre, while diesel stands at £1.34 per litre. Fuel has not been this expensive since summer 2014.

The price of oil – a key influence on the cost of fuel – was around $106 per barrel back then, and stands at almost $80 today.

But the decline in the value of sterling over the same period – from $1.70 to $1.29 – means it is expensive for retailers to buy fuel on the wholesale market despite the low oil price.

The cost of filling a 55-litre family car with unleaded has risen by £7.32 over the past 12 months, according to the RAC. For diesel, the cost has risen by £8.19.

RAC fuel spokesman Simon Williams said: “August was another bad month for motorists and it’s rapidly becoming a horrible year on the UK’s forecourts and it looks like further increases are inevitable.

“Having benefited from some very low prices two-and-a-half years ago, drivers get a nasty shock every time they go to fill up their cars, having to fork out more and more.

Mr Williams added: “While it’s clearly a tough time for regular motorists, unfortunately there is currently no end in sight to the rising cost of fuel.”

He said the price of a barrel could easily break through the $80 mark “and stay there” within the near future.