Petrol prices rise for second consecutive month as oil costs increase
Petrol has gone up by a penny while diesel has remained the same.
The average price of a litre of petrol rose for a second consecutive month in July, though diesel remained the same.
New data released by RAC Fuel Watch shows that a litre of unleaded in the UK now costs 145p, which is up by a penny since the start of the month and two pence since the start of June.
However, the wholesale price of petrol rose by six pence a litre from July 19 – following hikes in the cost of oil – which means that further rises are likely to be on the way.
Diesel prices remained stable, in contrast, at 146p per litre, though this ended eight months of consecutive price drops. These prices mean that filling an average 55-litre family car is now close to £80 for either fuel – £80.21 for diesel and £79.75 for petrol.
It follows the price of oil shooting up by $10 a barrel in July, rising to $85.56 by the end of the month. The RAC says that this is a price that hasn’t been posted since the middle of April. As a result, the wholesale price of both petrol and diesel has risen by seven and 9.5p respectively.
RAC fuel spokesman Simon Williams said: “July marks a turning point in the year for fuel prices as diesel stopped falling while petrol recorded its second consecutive monthly increase. But more concerning is the fact that oil has gone back up to $85 a barrel, causing wholesale prices to rise significantly.
“While we’re fortunately not in the kind of upward price spiral we experienced last year, it feels like the better times at the pump are over for the time being. If oil producers continue to curb production then bigger forecourt price rises could be on the cards.”
