Petrol prices have hit another new high, despite oil prices beginning to decline.
Brent crude oil - the global benchmark - started the day below $100 a barrel for the first time this month. It has since increased to around $103.50, before coming back down to its current level of just under $101.
That's some way below the peak of $130, which was hit earlier in March. Despite the decrease, however, fuel prices have continued to increase: petrol has hit a new record of 163.7p, on average, in the UK, while diesel has reached a new high of 173.68p.
Read more: Cheapest petrol and diesel in Bristol - and where's most expensive?
The RAC says it is "vital" that fuel companies now pass the oil savings on to consumers. While that is yet to happen, the RAC's fuel spokesperson, Simon Williams, told BBC News that drivers "should be encouraged" by the fall in oil prices.
He added: "It's now vital that the biggest retailers who buy fuel most often start to reflect these reductions at the pumps to give drivers a much-needed break from the pain of constantly rising prices." The AA, meanwhile, said the wholesale price of petrol has fallen by 12.8p per litre since last week.
The association's Luke Bosdet said: "We should be seeing these record prices level off and start to fall away later this week. If not, MPs, who are being deluged by complaints from angry constituents, need to be asking questions in Parliament. The government is under intense pressure from the cost of living crisis. They don't need the fuel trade to 'feather' a potential drop in pump prices."
The price of fuel and energy has increased over the past year as western countries emerge from covid-19 lockdowns and economies begin turning again, causing a rise in demand for goods and services. Russia's invasion of Ukraine, and the sanctions imposed on Russia since, has compounded the issues, sending energy prices yet higher.
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