Petrol prices rise to highest level this year with average price of a litre rising a penny in a week
- The price of petrol on UK forecourts has risen to its highest level so far this year
- As of September 4, it stood at 151.7p, up from 150.7p the previous week
- Price rise driven by increase in cost of oil, which has gone up almost $12 a barrel
The price of petrol on UK forecourts has risen to its highest level so far this year, figures show.
The average pump price of a litre of unleaded petrol has risen by a penny in just a week.
As of September 4, it stood at 151.7p, up from 150.7p the previous week, which marks the seventh weekly jump of petrol costs in a row.
The rise is being driven by an increase in the cost of oil, which has gone up by nearly $12 a barrel since the start of July to more than $88, due to producing group Opec+ reducing its supply.
This has caused the wholesale cost of fuel – what retailers pay – to go up, which in turn has been passed on to drivers.
The average pump price of a litre of unleaded petrol has risen by a penny in just a week. As of September 4, it stood at 151.7p, up from 150.7p the previous week, which marks the seventh weekly jump of petrol costs in a row.
This graphic shows the soaring cost of petrol in pence since July, after it rose for the seventh week in a row
The average price of a litre of unleaded petrol is now at its highest level since the end of December 2022 and has increased by 9p since early June.
But it is still some way below the peak of 191.6p reached in July 2022.
The average price of diesel has also been rising in recent weeks, climbing from 144.6p a litre in mid-July to 154.7p as of Monday.
All figures have been published by the Department for Energy Security and Net Zero.
Oil rose back above $90 a barrel as Saudi Arabia and Russia said they would extend production cuts to the end of the year.
The rise took brent crude to its highest level since November last year and up by more than 25 per cent since the summer lows close to $70.
The surge in oil prices spells yet more misery for motorists who have seen the price of fuel rebound in recent weeks.
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