Business & Finance
UK petrol prices reach highest level in nearly four years ahead of bank holiday
Average petrol costs rise to 161.6p per litre as millions of motorists prepare for heavy holiday traffic.
The short version
- UK petrol prices have hit an average of 161.6p a litre, their highest level since November 2022, while diesel has reached an average of 183.4p.
- The price increase coincides with an expected record-breaking bank holiday weekend, with more than 4.1 million cars projected to take to the roads on Friday alone.
- Wholesale oil price spikes linked to geopolitical tensions between the US and Iran have driven the increases, alongside domestic retail pricing issues.
Key facts
- According to the AA, average UK petrol prices reached 161.6p a litre and diesel averaged 183.4p a litre, the highest since November 2022.[The Guardian]
- The RAC predicts that motorways and major roads could experience their heaviest traffic since record-keeping began in 2015, with Friday expected to be the peak travel day.[The Guardian]
- Brent crude oil prices peaked at $126 a barrel in April following a US-Israeli attack on Iran in February, and currently trade at $89.63.[The Guardian]
- The Competition and Markets Authority reported that many domestic petrol stations have been slow to pass wholesale price drops to drivers.[The Guardian]
- The regulator sent over 1,000 warning letters to retailers who failed to submit prices to the government's Fuel Finder comparison service.[The Guardian]