Middle East tensions pushes up the price fuel which is now ‘the most expensive’ since last year

Drivers are being warned to prepare for a tough year ahead as tensions in the Middle East is pushing up the price of oil and fuel is now more expensive “since November last year.”

Government data shows that the average petrol prices have now risen by almost 8p per litre so far this year.

There has been a 1.6p rise the last week and the average price of a litre of petrol has hit a five month high of 148.5p, compared to 140.8p in January.

The average price of diesel is not 157.5p, this is the most expensive it has been since November last year.

RAC fuel price spokesperson Simon Williams said, “This year is proving to be another tough one for drivers.

“Both petrol and diesel are now the most expensive they’ve been since November last year, which is bad for households, businesses and the economy, especially as we know there is a close link between fuel prices and inflation.

“With increased tensions in the Middle East, the cost of oil is only likely to go up which could push petrol well above 150p a litre.

“While diesel is getting close to 160p, this is purely down to retailers taking much bigger margins as there’s only been a few pence between the wholesale prices of both fuels since mid-March.

“We find it hard to believe that a margin of 13p a litre on diesel – compared to the long-term average of 8p – is fair.

“This surely won’t go unnoticed by the Competition and Markets Authority which only two weeks ago expressed its concern about higher retailer margins.”

AA fuel price spokesman, Luke Bosdet, said, “Pump prices are climbing towards the 150p-a-litre average that drivers fear.

“It is a psychological shock that shouts out from the price boards each time motorists drive past.

“The worst part is that petrol prices will be spurred on by the inflationary pressures of higher demand as the US motoring season looms.

“The early part of the summer could be a tough time for UK motorists.”