Motoring organisations have warned motorists that the good days of cheap fuel are now over after the cost of petrol has risen for the first time in nearly nine months.
From late last year onwards, the tumbling cost of crude oil led to a fuel price war as supermarkets drove down costs to increase competition, but prices have suddenly risen for both petrol and diesel.
Despite the fact that wholesale fuel costs currently remain stable, forecourt prices have nonetheless undergone a sharp hike, leading campaigners to accuse retailers of “fleecing” motorists.
An RAC report found that prices have risen by approximately 3.4p per litre, meaning that it now costs around an extra £1.84 to fill up the average 55-litre car with unleaded petrol.
Diesel prices, meanwhile, increased by around 3.7p per litre despite wholesale prices having risen by only 1.5p, according to the RAC’s analysis.
The organisation claims that retailers are either using the lower diesel wholesale cost to make up for the price of petrol, or otherwise simply using it to boost their profit margins.
Simon Williams, fuel spokesman for the RAC, said: “The good times for motorists enjoying lower fuel prices had to come to an end at some point, but unfortunately it's happened with a bit more of a bump than motorists were probably expecting.”
Mr Williams warned that more trouble could be around the corner when oil producers meet later this month to discuss limiting their output, which could further drive prices upwards.
The AA, meanwhile, has suggested that the price hikes could come as a result of supermarkets finally calling an end to the fuel price war which began in December to entice Christmas shoppers.
AA spokesman Luke Bosdet said: “Supermarkets decided to make it the battleground, so fuel was offered at a special offer price. Now most have stopped the special offers so the fuel prices have started to go up.”
Others have been more critical still, with Howard Cox, founder of the FairFuelUK campaign, claiming that drivers are being “exploited” by retailers.
He said: “Since the end of January, crude oil has increase by a third with sterling slightly weaker against the dollar. Current wholesale petrol is 4p higher than diesel and yet pump prices are the same for both fuels.
“It’s clear that with the Budget out of the way and the continuing freeze in duty due to our campaigning, those in the supply chain are relapsing to type, to unscrupulously fleece motorists, particularly those that fill up with diesel.”
Last month, data published by marketing agency Mediaworks claimed that the average cost of buying and running a new car for a year in the UK totals £18,901, with £1,154 spent on petrol alone.
