August saw yet another rise in the price of petrol and diesel, marking the eighth month in which fuel costs have gone up in the past 12 months.
Data compiled by RAC Fuel Watch has revealed that unleaded increased on average by 1.65p to 130.59p a litre and diesel by 1.32p to 132.19p during August alone – contrasting with 117.51p and 118.37p for petrol and diesel respectively at the same time last year.
It means the average price of petrol in the UK is now at its highest since July 2014, just before the price of a barrel of oil began to drop. Diesel, meanwhile, is at its most expensive since October of the same year.
The rise has been caused by a weakened pound which, despite falling oil prices, has made it more expensive for retailers to buy petrol and diesel on the wholesale market.
RAC fuel spokesman Simon Williams said: “August was another bad month for motorists and it’s rapidly becoming a horrible year on the UK’s forecourts – and it looks like further increases are inevitable. Having benefited from some very low prices two and a half years ago, drivers get a nasty shock every time they go to fill up their cars, having to fork out more and more.
“While it’s clearly a tough time for regular motorists, unfortunately there is currently no end in sight to the rising cost of fuel. With the pound at such a low against the dollar and fuel being traded in the US currency, it will only take a moderate rise in the price of oil for some eye-wateringly high prices to be seen at the pumps.”
The cost of filling a 55-litre family car with unleaded is now £71.82 – an increase of 91p on July and £7.32 on the same time last year. For those with diesel cars, the equivalent tank costs £73.29 – 73p more than last month and £8.19 more expensive than at the end of August 2017.