UK motorists are feeling the pinch as fuel prices continue to soar, with unleaded prices reaching an alarming £1.50 per litre.
Over the past month alone, prices at the pump have seen a sharp increase of almost 5%. The premium brands including bp, Shell, and Esso are averaging prices above the £1.50 mark for unleaded, while supermarket giants Asda and Sainsbury's are slightly more affordable at around £1.45.
Diesel prices have also witnessed a significant surge, rising by over 5.5% in the last 30 days. Similar to unleaded, Asda and Sainsbury's remain 5 pence cheaper than the premium brands. Fuel prices exhibit substantial regional variations, with Greater London, Bournemouth, and Yorkshire experiencing some of the highest prices in the country.
Interestingly, Costco members are enjoying the lowest fuel prices nationwide, with costs more than 10 pence per litre lower than the premium brands. Nevertheless, even Costco has witnessed a price increase of over 7% in the past month, slightly surpassing the 6% increase at bp and 5% at Shell.
The surge in fuel prices can be attributed to the rising cost of Brent Crude Oil, the raw material from which unleaded and diesel are produced. Brent Crude reached its peak of just under $87 on 11 August, before dropping slightly to a little over $83. Although lower, this is still significantly higher than the $72-77 range it held back in June. Consequently, UK motorists have been bearing the brunt of these inflated prices.
It is important to note that there is usually a lag between changes in crude oil prices and adjustments at the pump, and this can vary based on location.
There is however hope that the price hikes may begin to slow down in the near future, with the possibility of some prices even starting to decrease. This will all come down to the behaviour of wholesale prices in the coming weeks. Motorists across the nation will be keeping a close eye on these developments, hoping for some respite from the burdensome fuel costs.