161.6p/Litre: UK Petrol Prices Hit Four Year Highest

● As Bank Holiday Getaway Looms

Average cost of petrol reaches 161.6p a litre, while diesel costs average of 183.4p, according to the AA

UK petrol prices have hit their highest level since 2022, piling more financial pressure on motorists before the bank holiday weekend.

The average cost of petrol has reached 161.6p a litre, while diesel costs an average of 183.4p a litre, according to the AA breakdown company.

The last time the petrol price was so high was in November 2022, when it soared in the aftermath of Russia’s invasion of Ukraine.

It comes as millions of people prepare to make car journeys over the bank holiday weekend, which will be marked in England, Wales and Northern Ireland. The RAC estimates that the UK’s motorways and major roads could have the most traffic since its records began in 2015.

The services company has predicted Friday is likely to be the worst day for heavy traffic, with more than 4.1m cars expected on the roads.

Luke Bosdet of the AA said the rise in petrol prices showed that “UK pump pricing is back to its worst”. It is “too often overpriced and uncompetitive, with too many communities denied road fuel at a reasonable price”, he said.

The UK’s competition regulator told fuel retailers this year that it would step up its monitoring of pump prices amid concern over profiteering as the US war with Iran drives up wholesale costs.

Before the US-Israeli attack on Iran in February, Brent crude – the international benchmark for oil prices – traded at about $72 a barrel. It hit a peak of $126 a barrel in April, before dipping to $71 at the start of July on hopes of a peace deal. It now trades at $89.63.

The Competition and Markets Authority found this summer that many petrol stations were too slow to pass on falls in wholesale energy prices to their customers.

The Guardian