Fuel Prices Headed for a 150p Turnup: What Drivers Need to Know
Hey, road warriors! The fuel gauges are turning red and the price boards are shouting louder than a biker’s voice alarm. With Middle‑East tensions on the rise, oil costs have spiked, and the average petrol price is now a hefty 148.5 p per litre.
The Current Price Snapshot
- Petrol: 148.5 p per litre – a five‑month peak, up from 140.8 p in January.
- Diesel: 157.5 p per litre – the highest since last November.
- Average rise this year: nearly 8 p per litre.
- Last week’s jump: a 1.6 p increase.
Why the Pumps Are Pricking Your Wallet
Two forces are at play:
- Oil price inflation – the Middle‑East is again a powder keg, meaning raw oil costs keep climbing.
- Retail margins – retailers are squeezing extra profit out of diesel. A 13 p per litre margin is a lot higher than the long‑term 8 p average.
Competition & Markets Authority has already expressed concern, saying the steep margins are a big deal. It’s headline-worthy, but it’s also money‑sucking for everyday drivers.
What This Means for You
Higher petrol costs mean higher heating bills, pricier groceries, and a tougher stretch for family budgets. For businesses, the rising fuel prices creep into freight costs and product prices – a classic domino effect on the entire economy.
In short:.
- Expect petrol prices to possibly exceed 150 p a litre.
- Diesel is flirting with the 160 p mark.
- Inflation and demand will keep the prices on a steep slide, especially as the US travel season kicks off.
Stay in the Loop
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