Petrol hits highest price in over four years

August saw yet another increase, with the average cost of unleaded petrol going up 1.65p to 130.59p, and diesel increasing by 1.32p to 132.19p.

This latest price rise means the average for both fuels has jumped 13p since this time last year, with petrol now at its highest level since July 2014.

The RAC labelled August yet another bad month for motorists and warned that drivers should be braced for further price hikes on the forecourts.

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RAC Fuel Watch data shows the average cost of filling up a 55-litre family car with unleaded now sits at £71.82, an increase of 91p on July and a staggering £7.32 more expensive than this time last year.

It’s an even worse story for those with diesel vehicles, as filling up a 55-litre tank now costs £73.29, an increase of 73p from the same time last month, and £8.19 from August 2017.

The North East of England saw the biggest rise in average petrol prices over the course of August, jumping 1.81p to 129.82, while average diesel costs rose the most in the North West, where prices shot up 1.48p to 133.23p.

The rising costs are down to a combination of global oil prices climbing above $70 a barrel and an increasingly weakened pound, meaning retailers are now having to pay out more for their fuel on the wholesale market.

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RAC fuel spokesman Simon Williams said 2018 is rapidly becoming a horrible year for UK motorists.

He said: “Having benefitted from some very low prices two and a half years ago drivers get a nasty shock every time they go to fill up their cars, having to fork out more and more.

“While it’s clearly a tough time for regular motorists unfortunately there is currently no end in sight to the rising cost of fuel.

“With the pound at such a low against the dollar, and fuel being traded in the US currency, it will only take a moderate rise in the price of oil for some eye-wateringly high prices to be seen at the pumps.”

Keep up to date with the latest fuel prices in your area by checking out RAC Fuel Watch and making sure you get the best value for money when filling up your tank.