Petrol prices have reached their highest figure in 20 months as UK motorists begin hitting the road following the easing of lockdown restrictions.
Data from the latest AA Fuel Price Report shows that more than 2p has been added to a litre in the last month alone, equalling about £1 per tank.
That’s put the average petrol price across the country to 128.43p per litre, the highest it has been since September 10, 2019.
Meanwhile, the average price of a litre of diesel is 130.81p, the highest since February 4, 2020.
Luke Bosdet, the AA’s fuel price spokesman, said: “Oil’s return to $70 (£50) a barrel, last seen in May 2019, has propelled UK pump prices upward once more.
“They had stabilised for a fortnight in late April, but OPEC’s oil exports have jumped by one million barrels per day so far in May.
Investment banks and other speculators are talking up the price, one predicting the biggest jump in oil demand in history.
Luke Bosdet, AA
“Meanwhile, investment banks and other speculators are talking up the price, one predicting the biggest jump in oil demand in history.”
Fuel prices have increased dramatically following massive dips during the pandemic lockdowns. Petrol was about 120p per litre before the first lockdown last year, while diesel was about 123p.
It means holidaymakers planning to take advantage of eased lockdown measures are facing prices 14p per litre – or £7.70 per tank – more expensive than they were at the end of the first lockdown.
