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Petrol prices hit a new record again as average cost per liter now at 163.5p

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The average cost of a liter of diesel was 173.4 pence (AFP via Getty Images)

UK fuel prices have broken records again as falling wholesale costs had no impact on pumps.

The average cost of a liter of petrol on Sunday was 163.5 pence, while the average cost of a liter of diesel was 173.4 pence. Last month prices on the concourse were 148.0 pence per liter for petrol and 151.6 pence for diesel.

Oil prices have soared following Russia’s invasion of Ukraine, leading to higher wholesale costs for fuel retailers and higher prices for Britons when they go to refuel.

With Russia being the world’s second largest exporter of crude oil, the current situation has raised concerns about the reliability of supply chains amid the ongoing war.

The price per barrel of Brent crude, the most widely used way of measuring the price of oil in the UK, reached $139 (£107) on March 7, its highest level in 14 years. But the price fell to $109 (£84) two days later and remains there.

RAC fuel spokesman Simon Williams said average petrol prices “seem to be on a collision course at £1.65 a litre”.

He said: “While there are almost certain to be more hikes this week, drivers should soon get a respite from pump prices climbing several pence a liter every day as oil and wholesale prices look have settled.

“The price increases seen over the weekend continue to be the result of the oil price surge that started at the beginning of the month and peaked early last week.

“As the price of oil has now dropped again, hopefully we will peak and start to see prices go the other way to reflect the big drop in wholesale costs that was seen late last week, subject to no further increases in the price of the barrel. this week.”

AA fuel price spokesman Luke Bosdet said the 10.6 pence a liter drop in wholesale costs last week produced “bizarre price anomalies”.

He added: “In one city this weekend, filling up a tank in one concourse was more than a pound cheaper than directly across the street in another.

“Normally they coincide with each other, but the gas station that was refueled earlier in the week at a much higher price was almost deserted while its neighbor had a small queue.

“Unless the price of oil rises again this week, the AA expects these wild prices to stabilize this week and even push back at fuel stations that were fueling at peak prices but will eventually get cheaper deliveries.”

This latest increase comes days after petrol prices rose by more than £2 a liter in London and hit £1.55 a liter in the UK on Monday 7 March.

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