Petrol prices have reached another all-time high, but wholesale prices are falling, figures today show.
Average petrol and diesel prices hit new records over the weekend as the slump in wholesale costs at the end of last week failed to make an impact, motoring association the AA said.
On Sunday, the average price of petrol reached 163.46p a litre while diesel rose to 173.44p a litre.
A month ago, respectively, they averaged 148.02p and 151.57p a litre and, a year ago, 124.68p and 128.13p a litre.
A family car with a typical 55-litre tank is now paying £89.90p to fill up compared to £68.57 a year ago. A transit van with an 80-litre tank now costs £138.75 to refuel, as opposed to £102.50 this time last year.
“Weekends are when forecourts are at their busiest and the rush to beat price increases pushed up demand," said Luke Bosdet, the AA’s fuel price spokesman.
"That led to fuel stations ordering resupply at a faster rate, each tanker load coming at a higher cost and therefore accelerating the price rise at the pumps.
“The 10.6p-a-litre slump in wholesale petrol costs on Wednesday and Thursday, following oil’s collapse in value during the same period, has produced bizarre price anomalies.
"In one town this weekend, filling a tank at one forecourt was more than a pound cheaper than directly across the road at another. They normally match each other but the petrol station resupplied earlier in the week at the much higher price was nearly deserted while its neighbour had a small queue.
Bosdet added: “Unless the price of oil takes off again this week, the AA expects these wild pump prices to stabilise this week and even fall back at fuel stations that were supplied at peak prices but will eventually get cheaper deliveries. Meantime, drivers need to keep their eyes open for the much cheaper fuel.”
Tips to keep fuel consumption low include driving smoothly, changing gears early to avoid revving - and reducing speed.
Labour is today urging the Government to combat the "spiralling cost-of-living crisis" as new analysis by the party suggests families have been hit by a rise in annual petrol costs of nearly £400.
Concerns have been mounting over living costs ahead of a planned hike in national insurance in April, together with rising energy prices, forecasts of increased inflation and uncertainty over the war in Ukraine.
Labour said its analysis of official figures reveals the average family is facing an annual rise of £386 in the cost of petrol, amid calls for a VAT cut in the Spring Statement.
The total was calculated by taking the increase in the petrol prices over the past year, and an average for the number of cars owned by families across the country, as well as how far they travel.
Labour found the cost of a litre of unleaded petrol increased by 38p from March 2021 to March 2022, and the average family has 1.2 cars and travels 8,040 miles in a year.
