The prices of both petrol and diesel have skyrocketed, meaning it now costs over £10 more on average to fill up than it did this time last year.
But unfortunately for motorists, the bad news doesn’t stop there. Despite being at their highest since 2014, fuel prices look set to rise even further.
Fuel prices have risen because of a similar rise in the cost of crude oil. A spokesperson from the AA said: “The industry’s rule of thumb is that a \$2 change in the price of oil, at a constant exchange rate, causes a 1p change at the pump.”
At the start of this month, crude oil hit $72 a barrel, up from $61 in March. It's the highest it’s been since late 2014.
In the first week of June, petrol prices were at 129.2p a litre, and diesel at 132.4p a litre, both up 0.5p from the end of May.
This is a rise of 14.7p and 17p respectively from this time last year. This means it now costs petrol car and van drivers an extra £9.55 on average for a full tank, and £11.05 more for those whose vehicles run on diesel.
It’s not surprising to hear that the cheapest fuel prices are to be found in the north. At the time of writing, you can get a full tank of petrol for £3.77 less in Liverpool than in West London, and Bradford drivers can expect to fill up for £3.58 less than those in the capital.
Scotland boasts some of the most and least expensive fuel costs, with Edinburgh the third cheapest in the UK for both petrol and diesel. Lerwick and the Outer Hebrides top both lists for most expensive.
|126.7p - Liverpool||138.1p - Lerwick|
|126.7p - Bradford||134.2p - Outer Hebrides|
|126.8p - Edinburgh||132.6p - Kirkwall|
|126.8p - Wigan||132.5p - West London|
|127.0p - Cleveland||132.4p - Sutton|
|129.8p - Bradford||140.8p - Lerwick|
|130.0p - Lincoln||137.4p - Outer Hebrides|
|130.3p - Edinburgh||135.5p - Kirkwall|
|130.3p - Halifax||135.3p - Sutton|
|130.4p - Blackpool||135.3p - West London|
As well as the price of crude oil, there are a number of other factors that could affect how much you pay at the pump. The pound is not performing well against other currencies at present – it's at a four month low against the dollar, which is exacerbating the problem.
Industry experts are warning the price of petrol could rise by a few more pence a litre in the near future. So, if you rely on your vehicle for your business, it’s worth taking a look over your finances to check you can cope with the rising cost of fuel.
We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer
12 March 2020 • 2-minute read
Chancellor Rishi Sunak announced the first UK Budget since October 2018 amid continuing political and economic uncertainty. Here’s the key…
6th Floor99 Gresham StreetLondonEC2V 7NG
Sol House29 St Katherine's StreetNorthamptonNN1 2QZ
© Copyright 2020 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.