Gasoline exceeds 150 cents per liter – fuel costs are now at their highest level in five months

The average price of a liter of gasoline has officially risen above 150 cents per liter for the first time since November.

As of Monday (April 22), the average price at petrol stations across the country was 150.1 cents, the AA reported.

The survey also found that almost a third (28.1 percent) of retailers charged at least 150 cents for a liter of unleaded; just a week ago this figure was less than a quarter (23.8 percent).

The data is somewhat at odds with yesterday’s average of 149.21pa liter for petrol as reported by the government.

That’s because it sources its price information from two supermarkets and four oil companies, while the AA’s analysis of pump prices is based on analysis submitted to the Competition and Markets Authority (CMA) and includes four supermarkets and four major oil companies.

The AA’s figure is considered more accurate as it is based on a representation of 60 per cent of petrol stations in Britain, which includes a total of 2,909 petrol stations.

The last time data showed the average UK price of a liter of unleaded was above 150 pence was on November 21, while historical data showed the price costing 150.3 pence on that date.

The AA estimates the average British diesel price on Monday at 158.3 pence, while the government has put it at 157.98 pence.

The increase comes after This is Money reported last week that almost a quarter of British petrol stations were already charging more than 150 cents per liter for petrol.

Petrol is currently at a five-month high of an average of 150 cents per liter – and the AA has found just 11 supermarkets are charging less than 140 cents per liter

Analysis of CMA pump price data from early last week showed that only 11 supermarket stations are currently offering petrol for less than 140 cents per litre.

It means that motorists now pay almost 10 cents more for a liter of petrol at the pump than at the beginning of the year (140.5 cents on January 2).

This is also the first time since February 2023 that motorists have been worse off than in the same period last year, the AA data shows.

Motorists who choose to fill up on the highway will now be forced to pay more than 170p per liter for petrol (170.8p) and almost 180p for diesel (179.9p).

Petrol costing more than 150p a liter will make it difficult for some motorists to keep driving and could force them to reconsider other expenses, the AA has warned.

Why are fuel prices rising and what happens next?

The current increase in costs at the pump is the result of a recent spike in oil prices, caused by tensions in the Middle East.

The price of a barrel of Brent crude oil is currently just below $91, the highest since last October and well above $75 at the start of 2024.

The weakening of the pound against the dollar (which trades in oil) has also pushed pump prices higher in recent weeks.

Luke Bosdet, the AA’s spokesman on pump prices, said: ‘Government data shows petrol prices have been higher for a fourth week compared to the same period a year ago.

‘This last happened in February 2023.

“Five days of falling wholesale costs, with oil values ​​on the decline, offers hope that pump prices won’t get much worse in the near term.

‘However, fuel costing more than 150 cents per liter will attract the attention of motorists and will prompt some to tighten their belts on other expenses.’

The RAC – which also monitors average UK fuel prices daily – has also acknowledged that the average price of unleaded petrol has risen above 150 cents per liter this week.

‘Drivers are now really starting to feel the pain at the pump, with a liter of unleaded already up by more than 3p per liter since the start of the month and 9p since the start of the year – up from £1.65 and £5 adds to the cost of filling a typical family car,” said RAC fuel spokesman Simon Williams.

‘The big question is what happens now.

‘While tensions in the Middle East saw oil reach the $90 per barrel mark, prices have since fallen slightly, which is starting to translate into lower wholesale prices for UK retailers.

‘In theory, at least, this should mean that prices at the pump will not rise much further, if at all. But a lot depends on the margin that these same retailers decide to take.’

Williams said that while petrol above 150 cents per liter would make headlines, it is diesel car drivers who are currently bearing the brunt.

“At the moment it is diesel drivers who have the right to feel wronged as the average margin on a liter of diesel is 14 cents, well above the long term average of 8 cents,” Williams explains.

‘Higher margins always mean higher prices for drivers.’