Drivers hit by one of many largest month-to-month gasoline worth hikes in 23 years

UK drivers had been hit by one of many largest month-to-month gasoline worth hikes in 23 years, new evaluation reveals.

Figures from the RAC present motorists had been stung by a 7p per litre rise within the common value of petrol in August, representing the biggest month-to-month improve for greater than twenty years.

Common diesel costs skyrocketed by 8p per litre, the sixth largest over the identical interval – will increase that the RAC mentioned was right down to a spike in the price of oil. Figures have crept up by nearly 12 US {dollars} per barrel since July, reaching almost $87 as manufacturing group Opec+ lowered its provides.

It comes as an investigation by The Impartial revealed drivers are additionally feeling the ache of hovering automotive insurance coverage premiums – up 48 per cent on common previously 12 months – which is driving some to promote their autos.

RAC gasoline spokesperson Simon Williams mentioned: “August was a giant shock to drivers as they’d grown used to seeing far decrease costs than final summer time’s document highs.

“Seeing £4 or extra go on to the price of a tank within the area of just some weeks from a pump worth rise of 6-7p a litre is galling, significantly for many who drive numerous miles or run an older, much less fuel-efficient automotive.

“Whereas the rise is clearly dangerous information for drivers, it may have been far worse had the most important retailers not let their inflated margins from earlier within the 12 months return to extra regular ranges as wholesale gasoline prices went up.”

“All we are able to hope is that this transfer by many large retailers again to fairer forecourt pricing stays when wholesale prices go down once more. Solely time will inform.”

In July, an evaluation by PetrolPrices recognized the steepest costs for gasoline within the UK on the M6 Stafford providers, the place BP and Esso had been charging 175.9p.

The identical month, supermarkets had been accused of profiteering from “rip off” gasoline costs amidst the price of dwelling disaster, with an investigation concluding that drivers paid nearly £1bn an excessive amount of in gasoline prices in 2022.

Because of this, prime minister Rishi Sunak pledged to cease motorists getting used as “money cows” as a result of the report – commissioned by the Competitors and Markets Authority – discovered that gasoline retailers had charged an additional 6p per litre between 2019 and 2022.

Drivers had been charged between £2.70 and £3.90 an excessive amount of for a tank of petrol or diesel every time they crammed up in recent times, the information added.

Downing Road’s proposed laws promised to pressure gasoline retailers to make up-to-date diesel and petrol costs accessible to 3rd events, a transfer that’s anticipated to result in the creation of worth comparability apps enabling drivers to decide on the most affordable gasoline of their space.

The laws additionally proposed giving contemporary powers to “carefully monitor” pump costs and “alert” ministers if additional intervention is required, with plans to launch a session on the coverage within the autumn.