Petrol price will hit new high in 2023, jumping above £1.52 per litre
Petrol prices soar to all-time highs this year, with unleaded products rising a penny in a week to £1.52 a liter
- The price of petrol at UK petrol stations has risen to its highest level yet this year
- On September 4, it stood at 151.7p, compared to 150.7p the week before
- Price increase driven by an increase in the price of oil, which has risen by almost $12 a barrel
The price of petrol at UK petrol stations continues to rise and is now at the highest level we have seen so far this year, the latest figures show.
The average pump price of a liter of unleaded has risen by a penny in the past week.
As of September 4, the price of petrol rose to 151.7p from 150.7p the week before, marking the seventh consecutive weekly increase at the pumps as motorists begin to feel the pressure again.
The average pump price of a liter of unleaded petrol has risen by a penny in just a week. On 4 September it stood at 151.7p, compared to 150.7p the previous week, marking the seventh straight weekly increase in petrol costs.
The rise is driven by an increase in oil prices, which have risen by nearly $12 a barrel since early July to over $88 after Opec+ announced it would cut supply.
This has caused the wholesale cost of fuel – what retailers pay – to rise, which in turn has – quickly – been passed on to drivers.
The average price of a liter of unleaded petrol is now at its highest level since the end of December 2022 and has increased by 9 cents since the beginning of June.
But it’s still well below the peak of 191.6p reached in July 2022.
The average price of diesel has also risen in recent weeks, from 144.6 pence in mid-July to 154.7 pence as of Monday.
Earlier this week, the RAC confirmed that petrol prices had risen by almost 7 cents a liter last month That’s the fifth-largest monthly increase ever in 23 years, data shows.
Diesel also rose 8 cents per liter, the sixth largest jump, according to RAC Fuel Watch.
This chart shows rising gasoline costs in pence since July, after rising for the seventh week in a row
All figures are published by the Department for Energy Security and Net Zero.
Oil rose back above $90 a barrel after Saudi Arabia and Russia said they would extend production cuts through the end of the year.
The rise took Brent Crude to its highest level since November last year, rising more than 25 percent since its summer low near $70.
The rise in oil prices means even more misery for motorists who have seen fuel prices rise in recent weeks.