The respite in petrol price rise may be short lived as experts are warning that petrol and diesel prices could hit new records within weeks due to global market shifts.
According to an analysis by the AA, wholesale prices surged by 5p a litre last week – a rise which takes two to three weeks to be passed on at the pumps. The rise in wholesale prices implies that prices may hit new records daily, as was seen in the month of March.
“Drivers need to brace themselves for a jump in the cost of petrol,” AA’s Luke Bosdet said.
The price rise is expected to coincide with next month’s Platinum Jubilee Bank Holiday- the four-day Bank Holiday created to mark the Queen’s 70 years on the throne- and over the summer when Britons will be planning on getaways.
Prices were hitting new daily records for several weeks up until mid-March after the war in Ukraine pushed up costs amid fears of future fuel shortages. Pump prices only started falling after Chancellor Rishi Sunak slashed fuel duty on petrol and diesel by 5p a litre in his March mini-budget.
Petrol is now 32p per litre more than it was a year ago, and diesel 47p more. According to the RAC’s figures, the “big four” supermarkets remain the cheapest places to fill up, with Asda offering the lowest prices on both petrol and diesel.
“Supermarkets, because of their contracts, will take longer to pass on the increases and that is where drivers should be heading to keep their costs down,” Bosdet said, adding that motorists should look to adjust their driving style if they want to further cut back on costs.
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