Millions of motorists are facing fresh pain at the pumps after petrol prices rose for the eighth consecutive week – amid warnings they could continue climbing for weeks to come.
New government figures show the average cost of a litre of unleaded has now hit 134.3p, the highest since April, when it peaked at 134.85p.
Diesel is also edging up, now sitting at 142.13p a litre, up from 142p last week – the most expensive since early April.
And there are warnings that prices in UK summer holiday hot sports, such as Cornwall, are already well ahead of these figures.
The continued rise in prices, despite a recent drop in crude oil, is piling pressure on already stretched household finances.
They will turn the spotlight on petrol retailers, including supermarkets, amid rip-off concerns raised by watchdogs at the Competition & Markets Authority, about sky high margins on the cost of fuel.
Harry Goodliffe, director at HTG Mortgages, said the higher fuel costs are “yet another blow to household budgets.”
He added: “It’s not just about the Middle East anymore, it’s a mix of oil supply cuts, refinery issues, and a weak pound pushing up import costs.
“I don’t think we’re heading for the extremes of 2022, but it wouldn’t surprise me to see unleaded hitting 140p a litre soon if things don’t settle.”
Samuel Mather-Holgate, an independent financial adviser at Mather and Murray Financial, told Newspage: “The price of crude oil stayed high for an extended period but in the last week has crashed from $71 to $65 dollars a barrel.
“That sounds like good news, but it can take weeks for this to filter through to the pump.
And in an uncertain world, if things kick off in the Middle East again or tariffs hit petroleum, these price reductions might not make it to your wallet.”
Experts are urging drivers to shop around and avoid unnecessary costs as forecourt prices vary widely.
Tony Redondo, founder at Cosmos Currency Exchange, warned that motorists should be wary of tourist hotspots.
“Petrol prices are rising fast due mostly to a weakening Pound, down nearly 3% against the Dollar in the last month, global oil prices spiking up to $73 a barrel and rising retailer margins to cover the NI and minimum wage cost rises.
“Local price variations, higher in tourist areas, worsen the pinch. Cornwall’s prices may hit 145p for petrol and 150p for diesel by late 2025 if trends hold.”
Drivers are being advised to avoid premium fuels unless necessary, combine trips, and use apps to locate cheaper filling stations.
The steady rise comes amid broader concerns over inflation and the cost of living, with analysts warning that even small weekly increases at the pumps can have a knock-on effect on everything from supermarket delivery costs to air fares.