Fuel prices have soared to new record highs of 161.1p a litre and diesel to 170.1p at UK forecourts, despite wholesale costs slumping this past week, according to the AA.
Data analysts Experian Catalist are reporting the average cost of a litre of petrol at UK forecourts on Thursday was 161.1p, up from 159.6p on Wednesday with a litre of diesel reaching 170.1p, up from 167.4p.
The increases are due to cost of oil increasing when Russia invaded Ukraine which lead to higher wholesale prices yet the AA has revealed that wholesale prices now seem to be on the way down although prices at the pumps continue to rise.
Petrol wholesale costs have fallen to 67.7p per litre, down from 75.8p per litre at the start of the week. Wholesale diesel costs have fallen from 89.8p per litre to 77.3p per litre over the same period.
Nearly 50,000 people have signed a petition posted on the UK Government and Parliament website calling for fuel duty and VAT on fuel to be reduced by 40% for two years, something the Irish government have implemented this week until the end of August.
A spokesperson for the AA said: ‘A slump in the oil price over the past two days has dragged the wholesale cost of petrol and diesel down with it – too late to influence pump prices this weekend but sufficient to offer the hope that pump prices may now level off and hopefully fall somewhat.
‘Ironically, motorists rushing to fill up and beat pump price surges the weekend before last may have accelerated pump price rises, as stock turned over faster than normal and higher costs worked their way through to the pump sooner than normal.
‘Fuel demand statistics release by the Department of Business, Energy and Industrial Strategy (below) show that that rush to the pumps fell away this week.
‘The squeeze on the finances of families with cars continues but the apocalyptic pump price predictions seem much less likely to happen. And, with milder spring weather and longer daylight reducing the fuel consumption of vehicles, it is quite possible that cars getting an extra three miles to the gallon will save the equivalent of 9p a litre at the pump.’
