Petrol prices have jumped to their highest level in more than seven years.
The cost of filling up a full tank of 55 litres now averages at £72.70, with pump prices hovering around 132.19p on Wednesday.
The last time petrol was higher was in October 2013 when it cost 132.28p.
Diesel is currently averaging at 134.32p — its highest rate since June 2019, The Mirror reports.
It comes as investors pushed up the cost of crude oil ahead of this week’s meeting of the world’s biggest producers. A report said output could start rising in August.
Yesterday Brent crude jumped one per cent to $75.82.
Luke Bosdet, the AA’s fuel price spokesman, said: “Another speculator-driven surge in oil and commodity fuel prices will once again heat up driver anger.
“With travel abroad so badly disrupted, car traffic still down on pre-pandemic levels and Covid flare-ups being reported around the world, what’s happening with oil and pump prices doesn’t really make sense to a UK motorist.”
Bosdet suggested more drivers should look at switching to electric vehicles.
Currently they are 7p a mile cheaper than petrol at standard charge rates, and 10.5p a mile cheaper at off-peak.
He added the move would let drivers “liberate themselves from fossil fuel price shocks”.
That in turn would mean “no more being bent over a barrel by speculators and the fuel trade”.
Tips to save on fuel
1. Fill up at busy petrol stations
These stations buy more fuel and can take advantage of falling prices. “The big petrol stations have deliveries every day so they can change the price,” Arthur Renshaw, of petrol station analyst Catalist Experian, told The Mirror . “But a small petrol station in a village may have a delivery every couple of weeks.”
2. Choose a big station
Stations buy their fuel on the wholesale market. Just as in any other negotiation, the big buyers are better able to strike a deal.
3. Look for a cluster of stations
When several stations are close together, they are more likely to cut prices to tempt drivers in. “If you are in the Highlands and Islands of Scotland, you have much less competition than in the centre of Manchester,” said Renshaw.
4. Do your research
The website PetrolPrices.com allows you to compare prices in your area. It also lists the latest average prices, so you know if you’re being ripped off.
5. Play the supermarket game
Supermarkets are competing on fuel prices along with everything else. When you’re shopping, keep an eye out for vouchers offering petrol discounts. But be aware of the overall cost.
“That is one way to get prices down below £1, but you do need to buy a lot of food to get that result,” PetrolPrices.com owner Peter Zaborszky said.
6. Stop by provincial towns
Airports, motorways, expensive cities and rural areas have the highest charges, according to PetrolPrices.com analysis. “The golden path is down the middle where rent is cheap,” Zaborszky explained.
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