Now the price of petrol creeps up again following a six-month continuous fall
Here we go again! Now the price of gasoline is creeping back up after a six-month continuous decline due to an increase in the price of oil
- AA said the average price of a gallon of gasoline has risen 0.5 cents since the end of March
- Comes as the cost of a barrel of oil has risen by more than $10 (£8.05) since mid-March
- The price increase followed a sustained downward trend that lasted for 22 weeks
An almost continuous decline in gasoline prices since November last year has been halted by the recent rise in oil prices, according to analysis.
The AA said the average price of a liter of petrol at filling stations was 146.9 pence on Wednesday, up 0.5 pence since the end of March.
This is because the typical cost of a barrel of oil has risen by more than $10 (£8.05) since mid-March after oil producer group Opec cut production in a surprise move.
The rise in gasoline prices followed a sustained downward trend that lasted for 22 weeks, starting on October 30 when the average was 166.5 pence per litre.
Diesel did not fall at the same rate, falling to an average of 172.2 pence per litre, another 7.9 pence at current costs.
The AA said the average price of a liter of petrol at filling stations was 146.9p on Wednesday, up 0.5p since the end of March
This is because the typical cost of a barrel of oil has risen by more than $10 (£8.05) since mid-March after oil producer group Opec cut production in a surprise move
AA fuel price spokesman Luke Bosdet said British drivers ‘have so far dodged a significant pump price increase’.
But he argued that “the pump-price zip code lottery remains a scourge,” with significant price disparities between urban areas that are only a few miles apart.
The AA gave the example of Norfolk where this week supermarkets in Dereham sold a liter of petrol for 146.9p, but 21 miles away in Fakenham the price was 158.9p.
Mr Bosdet said drivers of diesel vehicles are being ‘clearly ripped off’ despite prices continuing to fall, reaching 160.7 pence a liter on Wednesday, down about 4.5 pence from a month ago.
The difference between average petrol and diesel pump prices has narrowed from 24.7 pence in November to 13.8 pence this week.
But that ‘doesn’t excuse the fact that diesel delivered to retailers has been cheaper than petrol for a month now’, says Bosdet.
Economists have warned that higher international oil prices could make it more difficult to reduce the cost of living.