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RAC reports rising petrol prices after period of cheaper driving

The RAC have reported that fuel prices are on the rise after the first rise since July 2015, with the increase on average being 3.4p per litre nationwide.

The organisation is warning motorists that the sustained period of cheaper petrol prices – resulting from a drop in oil prices globally – is now coming to an end. However, they also believe that prices should remain relatively stable and should not increase significantly in the weeks ahead.

Analysts say the aforementioned rise of 3.4p in average prices to £1.05 per litre is a consequence of the global oil price rising to £28 a barrel for the first time since late last year.

For British motorists this equates to an average added cost of £1.84 for filling up a 55-litre unleaded tank on a standard vehicle.

The RAC stated: “The good times for motorists enjoying lower fuel prices had to come to an end at some point, but unfortunately it’s happened with a bit more of a bump than motorists were probably expecting. It looks as though we are heading towards a new norm of the oil price fluctuating between lower and upper limits of $35 and $55 a barrel.”

“This means that motorists should hopefully not see the eye-watering prices they were paying at the pumps in April 2012 when the average price of petrol was 142p and diesel was close to 150p per litre.”

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