Rising oil costs push UK petrol prices to highest | Tech News

Motorists are feeling the pinch as petrol prices have soared to a six-month peak, with new data revealing the extent of the hike. The RAC has reported that the average cost for a litre of petrol at UK pumps edged up by 0.65p in February, reaching 139.65p.

This surge is largely attributed to an earlier rise in wholesale costs, spurred on by oil prices hitting 82 US dollars per barrel in mid-January.

The financial impact on drivers is stark. Filling up a family-sized petrol vehicle now demands an average outlay of £76.81, nearly £3 more than early October’s rate when petrol stood at 134.33p per litre.

Diesel has not been spared from the upward trend either, with its price per litre increasing by 0.73p last month to 146.48p – figures not seen since late August 2024. These price rises come as drivers face higher prices to insure their vehicle, fix it at a garage, or tax it on the road.

This escalation in wholesale costs has been driven by heightened demand during the northern hemisphere’s cold snap and jitters over potential supply disruptions amid the US presidential transition.

RAC fuel spokesperson Simon Williams said: “It’s disappointing to see pump prices up yet again in February, with drivers now facing some of the highest costs at forecourts since the end of last summer.

“Motorists were the unfortunate casualties of rising wholesale prices through January, not helped by global oil prices hitting the 82 dollars a barrel mark in the middle of the month.

“But we hope better times are on the horizon. With wholesale fuel costs falling throughout February, there’s a good prospect petrol and diesel prices will come down this month as retailers buy fresh stock at lower prices.

“As always, it really does pay to shop around because pump prices at supermarket sites vary by as much as 13p a litre.”