UK petrol prices hit highest level in almost four years as bank holiday getaway looms
Summary
Petrol prices in the UK have reached their highest level since late 2022, just before a busy bank holiday weekend. This increase adds financial pressure on drivers as many prepare for travel, with prices influenced by international events and local market practices.Key Facts
- The average petrol price in the UK is now 161.6 pence per litre; diesel costs 183.4 pence per litre.
- The last time petrol was this expensive was November 2022, after Russia invaded Ukraine.
- Millions of people plan to drive over the bank holiday, with traffic expected to be the heaviest since 2015.
- The price rise is partly due to global oil price changes, including spikes driven by conflicts involving the US, Israel, and Iran.
- The UK Competition and Markets Authority (CMA) is monitoring pump prices to prevent retailers from charging excessively.
- Many petrol stations delay lowering prices when wholesale costs drop, according to the CMA.
- A government tool called Fuel Finder helps drivers compare fuel prices at nearby stations.
- Competitive petrol stations can influence local prices, often lowering costs nearby.
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