Currently both petrol and diesel are at their most expensive since 2014
According to RAC Fuel Watch, both the price of petrol and diesel has increased by over a penny per month over the past year.
Last month is to blame for the record, with the price of unleaded rising steeply to 1.65p per litre, whilst the price of diesel increased by 1.32p a litre in the same month – rising in price for nine of the past 12 months.
The fuel rises have been blamed by RAC Fuel Watch on the weaker pound and stronger price for a barrel of oil, which now stands at over $70.
Currently both petrol and diesel are at their most expensive since 2014, when the price of a barrel of oil was at $106.
It seems that fuel costs so much today because of a weaker pound – it was worth $1.70 in 2014 yet today it’s only worth $1.29.
RAC spokesperson Simon Williams said: “It’s rapidly becoming a horrible year on the UK forecourts and it looks like further increases are inevitable.”
Because the pound is so weak at the moment it looks as though there’s no end in sight either.
“It will take only a moderate rise in the price of oil for some eye-wateringly high prices to be seen at the pumps,” said Mr Williams.
If theoretically the price of a barrel of oil increased to $80, the price of petrol could jump to 142p a litre, with diesel rising to 148p per litre.
Mr Williams even thinks it’s possible that the price of fuel at the pumps could end up reaching the record highs seen in April 2012.
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