Last month saw petrol prices surge, with the 11p increase the second largest monthly rise on record. RAC Fuel Watch figures revealed that the price of a litre of unleaded rose from 162.87p at the start of the month to 174.02p by the end. This was less than a penny short of the overall monthly increase recorded in March.
The difference between May and March, though, is that last month the Chancellor Rishi Sunak introduced a 5p-per-litre duty cut – yet petrol prices are still hitting record highs. Last month also saw the price of diesel hitting a record 183p, which saw the price of an average car’s fuel tank top £100 for the first time.
The average tank of petrol currently sits at about £96. Price rises are said to be driven by the increasing price of oil and a weaker pound driving up costs for retailers.
