Petrol prices rise by 8p in just four months
Petrol prices rose by 1.6p this week to mark a total 8p rise since the start of 2024, government data shows.
The average price for one litre of petrol is 148.5ppl (pence per litre). This is the highest it’s been since November 2023. This shows a 2.6p hike on this time last year.
Motorists who own a diesel vehicle also saw prices increase to their highest level for five months- after a 1.2p weekly rise, diesel now costs 157.5ppl to fill up.
These hefty price hikes are due to the increasingly high cost of oil – which stands at more than $80 per barrel. The date shows that this is due to a mix of UK stockpiling decisions and overseas conflicts.
Simon Williams, RAC fuel price spokesperson Williams said: “Both petrol and diesel are now the most expensive they’ve been since November last year, which is bad for households, businesses and the economy, especially as we know there is a close link between fuel prices and inflation.”
“With increased tensions in the Middle East, the cost of oil is only likely to go up, which could push petrol well above 150p a litre. While diesel is getting close to 160p, this is purely down to retailers taking much bigger margins, as there’s only been a few pence between the wholesale prices of both fuels since mid-March.
“We find it hard to believe that a margin of 13p a litre on diesel – compared to the long-term average of 8p – is fair. This surely won’t go unnoticed by the Competition and Markets Authority, which, only two weeks ago, expressed its concern about higher retailer margins.”
Struggling with essential costs?
We can check you’re claiming all the benefits you’re entitled to and offer support with budgeting. We also provide free expert advice if you’re no longer able to keep up with repayments on loans, credit cards, overdrafts etc. There are a number of ways you can get in touch.
You can also check whether you’re entitled to any grants. Enter your details in the Turn2us grant checker and see if there are any you can apply for.
Your local council may have a welfare assistance scheme to help if you need emergency cash or supplies. The support available varies from council to council, but you may be able to get a small loan, a grant, food vouchers or free second-hand furniture, depending on your situation.
England: Get in touch with your local council.
Scotland: Find out if you can apply for a crisis grant or a community care grant through the Scottish welfare fund.
Wales: You might be able to apply for help through the discretionary assistance fund.
Northern Ireland: You may be able to apply for help through the Finance Support Service.
Household support fund has been extended
All local councils in England have been given money as part of a government scheme called the household support fund. This money has been set aside to help people struggling with the rising cost of living. Each council decides how best to spend that money, but it’s there to help with essentials such as:
- gas and electricity
- broadband and phone bills
- clothing
- essential transport costs such as repairing a car or paying for fuel
- furniture e.g. children’s beds
Get in touch with your local council to find out what support is available in your area. This scheme was due to end in March, but has been extended for another six months.
Lydia Bell-Jones
With a background in banking, Lydia has been writing professionally for over five years. She is passionate about helping people improve their personal finances and has a particular interest in the connection between money and mental health.
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