Fuel prices see further increases in the UK despite falling wholesale costs

Petrol prices: RAC spokesperson reacts to criticism from The AA

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The cost of petrol increased by a further 4.6p since June 14, while the price of diesel rose by 4.4p. This is despite the wholesale costs of fuel falling for the past two weeks.

Compared to the previous year, the price of petrol is now 56.7p higher.

The price of unleaded before duty rate and VAT stands at 102.76.

Motorists, however, have to pay a 52.95p duty rate and 31.14p of VAT.

The cost of diesel also rose by a whopping 61.2p.

When it comes to diesel, the breakdown is very similar with a 52.95p duty rate and 32.48p VAT having to be calculated into the price.

Drivers now have to pay 61.2p more for a litre of diesel compared to last year.

All of this means that the price of petrol now stands at 186.85p per litre, while diesel costs 194.87p.

Petrol prices have already hit record highs last weekend.

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This was despite the wholesale costs of fuel falling for the past two weeks.

Drivers can now expect to pay on average 188.70p for a litre of petrol and 196.06 for a litre of fuel.

According to the RAC’s Fuel Watch, the costs are even higher for premium fuels with super unleaded standing at 200.43p.

The news comes amid extensive rail strikes that will force thousands of motorists to hit the road over the next few days.

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Speaking about the current situation Luke Bosdet, the AA’s spokesman on pump prices, claimed that it is verging on a “disgrace”.

Mr Bosdet said: “Since the Jubilee, the wholesale cost of petrol has fallen.

“That is over a period that the oil industry says is long enough for changes in costs to start to be reflected at the pump.

“ And yet, the average price of petrol across the UK hasn’t even levelled out.

“It has continued to rise to new records.

“UK consumers who use cars deserve to be treated so much more fairly by the road fuel trade.

“If forecourts don’t start to lower petrol prices this week, it will be a disgrace.”

RAC fuel spokesman Simon Williams added: “Looking at the wholesale cost of petrol, which has settled due the oil price falling, petrol pump prices really should not continue to rise, if anything they ought to begin reducing.”

The same cannot be said about diesel.

Mr Williams said that he expects the price to reach £2.

Business Secretary Kwasi Kwarteng has already called for an inquiry into the petrol retail market.

Writing to the Competition and Markets Authority earlier this month he raised concerns about the 5p fuel duty not being passed onto customers.

A review is now taking place, but the RAC said that it’s still not enough.

Mr Williams said: “We strongly hope the extent of the rises seen in both fuels will finally force the Government to take action to ease the burden on drivers by further cutting duty or lessening the punishing impact of VAT which currently accounts for 31p a litre on petrol – 6p more than it was before the Ukraine war began.”

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