Money Petrol prices highest for three-and-a-half years

17:35  19 may  2018
17:35  19 may  2018 Source:   news.sky.com

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Fuel prices have hit three - and - a - half year highs as non-supermarket petrol stations pile the rising price of oil onto customers. The AA revealed on Thursday it is cheapest for motorists to fill up at a supermarket.

Surge in oil price was rapidly reflected on the forecourts as price of unleaded petrol breached the 130p-a-litre mark for the first time.

Fuel © Getty Fuel

Motorists are paying the highest fuel prices for three-and-a-half years prompting many to cut back on car use or other spending, according to figures from the AA.

The motoring organisaton said average petrol prices had jumped to just over 126p per litre this week and diesel to just below 129p, both the steepest price since October 2014.

That was up from 121p and 124p in mid-April.

It comes after the price of Brent crude oil climbed above $80 a barrel this week for the first time since November 2014, amid some predictions that it will go up to $100.

A gas station worker pumps gas into a car at a gas station of the state oil company PDVSA in Caracas, Venezuela August 29, 2017. Picture taken August 29, 2017. REUTERS/Carlos Garcia Rawlins © Reuters A gas station worker pumps gas into a car at a gas station of the state oil company PDVSA in Caracas, Venezuela August 29, 2017. Picture taken August 29, 2017. REUTERS/Carlos Garcia Rawlins

That rise was driven by supply fears partly caused by the US pulling out of an international nuclear deal with Iran.

Oil prices hit highest level since late 2014 after Trump scraps Iran deal

  Oil prices hit highest level since late 2014 after Trump scraps Iran deal Investors were speculating on what renewed sanctions might mean for global crude supplies.Brent crude rose as high as 77.16 US dollars per barrel in morning trading, and were up nearly 1.2% near midday at 76.79 US dollars.

Fuel prices have hit three - and - a - half year highs as non-supermarket petrol stations pile the rising price of oil onto customers. The AA revealed on Thursday it is cheapest for motorists to fill up at a supermarket.

Petrol prices in the UK rose to their highest point during December over the past three years . He said: “Sadly, December was the month oil reached its highest point for over two and a half years – something that motorists are now feeling the effect of at the pumps.

AA president Edmund King said: "AA research has shown that nearly two in every five drivers are already cutting back on car use, non-fuel spending or both."

The motoring organisation said an "astonishing gap" had opened up between the prices being charged by supermarkets for petrol and those charged at oil companies' forecourts.

It said the supermarkets were on average 5p a litre cheaper, for only the second time since a price war in 2015 that pushed prices down to £1 a litre.

That was because most non-supermarket retailers were quick to pass on cost increases to their customers, the AA said.

Drivers pay €100 a year more for fuel, new hikes coming .
Motorists have been warned that petrol and diesel prices are going to keep rising. It comes as prices at the pumps have already surged to a three-year high. The higher prices mean the average driver is now shelling out €100 more for petrol this year than they did over the course of last year.AA Ireland's Conor Faughnan said increases in the cost of crude oil and the rise in the value of the dollar were pushing up pump prices for Irish drivers.

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