Petrol Prices at 18-Month High as Global Cuts Kick in

By Gary Cutlack on at

Visiting family is about to get slightly more depressing per mile, as the price of petrol and diesel in the UK has risen to highs not seen since lots of famous people you liked were still alive.

According to data collated by the RAC, the average price of a litre of fuel rose by 3p a litre in December alone, with unleaded petrol averaging 117.23p a litre at the end of December, and diesel going up to 119.63p. And that's not just the petrol companies having a laugh. The RAC say the wholesale cost is up by 4p a litre, so the money's not going to the manager of your local garage, it's going to... whoever digs it out of the ground.

The gradual rise of the cost of oil from generational lows of last year means it now costs £8 more to treat yourself to a whole tank of petrol, should you be the sort of extravagant person who buys more than £20 at a time.

The RAC's Simon Williams thinks it won't rocket, though, saying: "We are optimistic that prices will not increase by another 3p a litre in January based on what’s going on with oil and wholesale fuel now, but if in the months ahead the barrel price was to get nearer to $60 and the pound was to weaken further then that would be the worst possible combination for motorists." [RAC via BBC]

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