Petrol costs driving up over 130p a litre mark, RAC warns

The RAC said that the rise is due to the tension between Russia and the west over Ukraine, which causes traders to buy up oil stocks.

17:30 30 April 2014

The RAC has said that the prices of petrol has crept back over the 130p a litre mark due to the rising tension between Russia and the west over the conflicts in Ukraine. 

 

Earlier this year, the prices fell below 130p for the first time since February 2011. It remained at this level until this week when the average UK price jumped to 130.17p 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."