An increase in the price of oil over the past few weeks has lead to rising fuel costs for vehicle owners.
In the last three weeks, diesel prices have risen by 4 pence per litre with petrol increasing by 3 pence per litre, this is a bit of a shock after diesel prices have generally been on a decrease since October 2023 and petrol prices had been at its lowest price January 2024 since October 2021.
Simon Williams, a spokesman for RAC fuel said: “News that fuel prices have bottomed out and are now on the rise again is bad news for drivers, and possibly the economy and future inflation rates, too.
“While we’re not expecting prices to shoot up dramatically, it appears that oil is trading up, which in the absence of a stronger pound, means wholesale fuel costs more for retailers to buy in.”
“Positively for drivers, supermarket margins are lower than they were in January, but they are still significantly higher than they were prior to the pandemic and Russia’s invasion of Ukraine.”