Petrol price rises on the way

Petrol price rises on the way

Motorists will face petrol price rises in the coming weeks, the RAC has warned.

Its latest figures reveal that petrol has edged back up above 130p a litre, bringing an end to a much-needed "holiday" from price hikes, after petrol fell below 130p in mid-January for the first time in almost three years.

Currently diesel prices are holding relatively steady, with the latest indicator showing an average 136.39p a litre.

RAC fuel spokesman Simon Williams said: "It's a great shame our surprise 'holiday' from the ever-increasing cycle of petrol price increases has now come to an end.

"Sadly, the political tensions over Ukraine have negatively affected the price motorists pay at the pumps as a result of traders not wanting to be caught out and therefore buying up crude oil stocks and consequently raising crude prices."

He went on: "Unfortunately we are likely to see a 2p increase in petrol in the weeks ahead. Diesel, being subject to slightly different influences, may stay down for longer. In fact, retailers have been using the lower diesel price to subsidise the price of petrol to keep it lower for longer.

"While savings in the cheaper price of petrol were only small, at 129p a litre the price was 11p cheaper than it was in early March last year which meant a saving of around £6 on a tank of petrol for an average family car like a Ford Focus and £5 for a tank of diesel."

Copyright Press Association 2014