Petrol and diesel prices continue to rise, figures reveal

The average price of petrol at UK forecourts has jumped by 0.6p to 146.95p per litre, according to Government figures.

Data published by the Department for Business, Energy and Industrial Strategy (BEIS) showed the average price on Monday was the highest since it hit 147.53p per litre in November last year.

It comes after separate figures from the AA suggested petrol and diesel prices both struck record highs over the weekend.

The new BEIS data showed that the price of diesel increased by 0.8p to 151.10p per litre on Monday compared with last week.

This also fell marginally short of record levels from the last week of November.

On Monday, the AA said its data showed the average price of petrol for British drivers surpassed 148p per litre for the first time.

Meanwhile, the cost of diesel has also increased to a new record high of 151.57p per litre on Sunday, the organisation said.

Luke Bosdet, the AA’s fuel price spokesman, said: “The cost of living crisis has been ratcheted up yet another notch, tightening the vice on family spending when it faces other pressures from impending domestic energy cost and tax increases.”

Prices have soared on the back of wholesale fuel prices, which have jumped amid a resurgence in demand following the reopening of global economies, but have also been spurred in recent days by concerns that Russian tensions could have an impact on supply.

The price of crude oil pulled back on Tuesday morning amid reports Russia has moved some troops away from its border with Ukraine, resulting in 2.7% fall to 93.89 dollars per barrel.