Commodities
Home›Commodities›Energy›UK petrol and diesel prices hit highest levels since l…
UK petrol and diesel prices hit highest levels since late 2022
AA data shows average petrol at 161.6p a litre and diesel at 183.4p as bank holiday travel demand lifts pressure on motorists.
UK petrol prices have climbed to their highest level in almost four years, ahead of the bank holiday weekend in England, Wales, and Northern Ireland, according to AA data cited by Guardian Business. The average cost of petrol is now 161.6p a litre, while diesel averages 183.4p a litre. The last time petrol prices were at this level was November 2022, when they rose after Russia’s invasion of Ukraine, the outlet reported. With millions expected to travel, the RAC estimated the UK’s motorways and major roads could see the most traffic since it began records in 2015, and it predicted Friday would be the worst day for heavy traffic, with more than 4.1 million cars on the roads.
Guardian Business also linked the increase to higher wholesale energy costs. Before the US-Israeli attack on Iran in February, Brent crude traded at about $72 a barrel, it peaked at $126 in April, and it later dipped toward $71 in early July before trading at $89.63. The Competition and Markets Authority has raised concerns about retailers not passing on wholesale price cuts quickly enough, the outlet said. This summer, the regulator found many petrol stations were too slow to reflect declines in wholesale energy prices for customers, and it said it would step up monitoring of pump prices amid worries about profiteering.
Latest closeWTI crude $81.58 ▼0.9%|Brent $86.32 ▼2.5%