Petrol and diesel prices have risen again in January, marking the fourth month in a row of increasing fuel costs. Drivers are now paying significantly more to fill up their cars compared to just a few months ago. Experts attribute the price increases to a combination of factors, including a spike in oil prices and a weakening pound against the dollar. While some analysts predict a potential drop in oil prices later this year, the current trend remains concerning for motorists.
Drivers encountered another increase in fuel costs during January, marking the fourth consecutive month of rising bills, according to recent analysis. Petrol prices surged by 2 pence per litre, reaching an average of 139 pence across the UK, while diesel prices climbed by nearly 3 pence, hitting 145.7 pence per litre (up from 142.9 pence).
Since the beginning of October, petrol prices have risen by 5 pence per litre, and diesel prices have increased by 6 pence per litre, as reported by the RAC.This means filling a typical 55-litre family petrol car now costs over £2 more than it did four months ago (£76.44 compared to £74.25 when a litre was 135 pence), and diesel costs over £3 more (£80.15 per tank compared to £76.70 when a litre was 139.5 pence). The price increases are partly attributed to a surge in oil prices in mid-January, which saw the cost of a barrel exceed $80 for several days. A slight weakening of the pound against the dollar has also contributed to making wholesale fuel more expensive for retailers.RAC head of policy, Simon Williams, commented: 'It's not been an encouraging start to 2025 for drivers at the pumps with prices rising for the fourth month in a row. Sadly, filling up is now nearly £3 more expensive than it was at the start of October. We hope this trend won't persist and that prices will decrease in the future. Much depends on global oil supply and demand. While the price of oil can fluctuate significantly, there are reasons to believe that forecourt fuel prices may become cheaper in the coming months as some analysts predict an average oil price closer to $70 this year.' The AA has estimated that the four-month increase in petrol prices is generating a VAT bonus for the Treasury exceeding £13.3 million per month. Luke Bosdet, the AA's spokesman on road fuel prices, warned: 'With trade wars threatening between the US, its neighbours, and China, their impact on global commodity and currency markets leaves pump prices very uncertain.
FUEL PRICES INFLATION OIL PRICES DIESEL PETROL RAC AA ECONOMY
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