Fuel prices hit record highs despite oil and wholesale costs falling

Ever since the Russian invasion of Ukraine, the price of fuel has constantly increased – adding to the current cost of living crisis affecting millions across the UK.

RAC fuel spokesman Simon Williams said: “Just as more people took to their cars on the first day of the rail strikes the average price of petrol increased (on Tuesday) to 189.33p, taking a full tank over the £104 mark (£104.13). Diesel also reached another new high at 197.11p putting it perilously close to the £2-a-litre milestone. A full fill-up of diesel for a 55-litre family car now costs on average £108.41.”

Despite the increased prices – there are hopes that the UK might be at a turning point and the cost of diesel and petrol may fall.

Williams continued: “With the oil price falling and wholesale costs down over the last week, pressure is mounting on the biggest retailers to turn the tide and put petrol pump prices into reverse. It now seems we’ve reached the current petrol peak, so we expect to see the big four supermarkets start to cut their prices. As they dominate UK fuel retailing this should lead to others reducing their prices too which will benefit drivers everywhere.”

• Are rising fuel prices accelerating the shift to electric vehicles?
• How to save fuel – the ultimate guide
• What affects the price of fuel?

However, with little sign that records wont keep being broken in the immediate future – the price of diesel is reaching worrying levels for UK drivers.

Williams continued: “The situation with diesel is different unfortunately as wholesale prices last week still put it on course to move closer towards an average of £2 a litre. If, however, oil continues to trade lower it could just prevent this from becoming a reality.”

RAC Fuel Watch provides a daily update on the latest diesel and petrol prices from across the UK.