The average cost of a liter of petrol has officially surpassed 150p per liter for the first time since November.
As of Monday (April 22), the average price reached 150.1p at service stations across the country, the AA reported.
It also found that almost a third (28.1 per cent) of retailers charged at least 150p for a liter of unleaded petrol; just a week ago, this figure was less than a quarter (23.8 percent).
The AA puts the average UK petrol price at over 150p a liter for the first time since 21 November 2023.
The figures somewhat contradict yesterday’s average of 149.21 liters per liter of gasoline indicated by the government.
The Government takes its prices from two supermarkets and four oil companies, while the AA’s analysis of petrol pump data submitted to the Competition and Markets Authority (CMA) looks at four supermarkets and four major oil companies.
The AA figure is an average of data from the CMA, which represents 60 per cent of UK service stations, covering 2,909 service stations in total.
The last time the UK average price of a liter of unleaded petrol was above 150p was on November 21, and historical data shows it cost 150.3p.
The AA puts the average cost of diesel in the UK on Monday at 158.3p per litre, while the Government increased it by 157.98p.
The last time diesel prices were, on average, above 158 pence a liter was in mid-November 2023.
The increase comes after This is Money reported last week that almost a quarter of Britain’s service stations were already charging more than 150 pence per liter for petrol.
The AA’s latest Fuel Price Report found that 23.8 per cent of service stations are already pricing petrol above 150p, a five-month high.
Of the nearly 3,000 supermarket and non-supermarket pump prices reviewed by the motoring organisation, 693 were already pricing their petrol above 150p a liter this week.
Petrol is currently at the highest price in five months, averaging 150p per litre, and the AA has found that only 11 supermarkets charge less than 140p per litre.
Analysis of CMA pump price data early last week found that only 11 supermarket stations currently offer petrol for less than 140p a litre.
This means drivers now pay almost 10p more for a liter of petrol at the pump than at the start of the year (140.5p on 2 January).
This also marks the first time since February 2023 that drivers are worse off than at the same time last year, AA data shows.
Drivers who choose to fill up on the motorway service will be forced to pay more than 170 pence per liter for petrol (170.8p) and almost 180 pence per liter for diesel (179.9p).
Petrol costing more than 150p a liter will make it harder for some motorists to continue driving and may force them to reconsider other expenses, the AA has warned.
Why are fuel prices rising and what will happen next?
The current increase in costs at the pump is due to a recent increase in oil prices caused by tensions in the Middle East.
The cost of a barrel of Brent crude oil currently sits just below $91, its highest point since last October and well above the $75 price seen in early 2024.
The weakening of the pound against the dollar (in which oil is traded) has also driven up pump prices in recent weeks.
Luke Bosdet, AA spokesman on pump prices, says: ‘Government data shows that for the fourth week petrol prices have been higher than the same period a year ago.
‘This last happened in February 2023.
‘Five days of falling wholesale costs, with the value of oil falling, offer hope that prices at the pump will not worsen much in the short term.
“However, the price of on-road fuel above 150p a liter is catching the attention of drivers and will lead some to tighten their belts on other expenses.”
The RAC, which also monitors average fuel prices in the UK on a daily basis, has also acknowledged that the average price of unleaded petrol has risen above 150p a liter this week.
“Drivers are now starting to feel the pain at the pumps, with a liter of unleaded petrol already up more than 3p a liter since the start of the month and 9p since the start of the year, adding up to £1.65 and £5 to the cost of filling up a typical family car,” said RAC fuel spokesman Simon Williams.
‘The big question is what will happen now.
‘While tensions in the Middle East caused oil to hit $90 a barrel, prices have since fallen somewhat, which is starting to translate into lower wholesale prices for UK retailers.
“At least in theory, this should mean that prices at the pump don’t rise much further, if at all, but a lot depends on the margin these same retailers decide to take.”
Williams said that while petrol over 150p a liter would grab the headlines, it is diesel car drivers who are suffering the most at the moment.
“Right now, it is diesel drivers who have a right to feel disadvantaged as the average margin per liter of diesel is 14p, which is a significant increase on the long-term average of 8p.” Mr. Williams explained.
“Higher margins always mean higher prices for drivers.”
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