Drivers hit by one of many largest month-to-month gasoline worth hikes in 23 years
D
rivers had been hit by one of many largest month-to-month gasoline worth rises in additional than twenty years in August, new figures present.
The RAC stated the 7p per litre spike within the common value of petrol in August was the fifth largest month-to-month enhance in 23 years.
The 8p per litre hike in diesel costs was the sixth largest over the identical interval.
August was a giant shock to drivers
The RAC stated rising pump costs are being brought on by a rise in the price of oil, which has gone up by almost 12 US {dollars} a barrel because the begin of July to almost 87 US {dollars} because of producing group Opec+ lowering provide.
This led to the wholesale value of gasoline – what retailers pay – going up, which has been handed on to drivers at forecourts.
RAC gasoline spokesman Simon Williams stated: “August was a big shock to drivers as they had grown used to seeing far lower prices than last summer’s record highs.
“Seeing £4 or more go on to the cost of a tank in the space of just a few weeks from a pump price rise of 6-7p a litre is galling, particularly for those who drive lots of miles or run an older, less fuel-efficient car.
“While the increase is clearly bad news for drivers, it could have been far worse had the biggest retailers not let their inflated margins from earlier in the year return to more normal levels as wholesale fuel costs went up.”
“All we can hope is that this move by many big retailers back to fairer forecourt pricing remains when wholesale costs go down again. Only time will tell.”