Drivers in the UK are facing a 10-day warning about rising petrol and diesel prices. Experts predict significant increases ahead, so stay alert!
London: PetrolPrices recently reported that petrol costs 137p per litre. That’s nearly a penny more than last month. The average price is now £144.27, up from £142.71 in December.
Experts are sounding the alarm. They say petrol and diesel prices are set to rise even more. This is due to increasing Brent crude oil prices.
PetrolPrices mentioned that there’s often a delay between wholesale price hikes and what we see at the pump. So, we might see prices jump in the next week or so.
They warned that while some stations might hold off on raising prices, it’s likely that diesel will see a noticeable increase soon.
Brent crude oil was priced between $71 and $75 per barrel in late 2022. But it’s gone up to $81 per barrel this month.
The US dollar is also getting stronger against the British pound. This change is pushing up fuel costs and wholesale prices.
Last week, Reuters shared that oil demand is expected to keep rising. However, economic issues in China could slow things down next year.
Looking ahead, the forecast aligns with OPEC’s view that oil use will keep increasing for the next two decades. This contrasts with the International Energy Agency’s prediction of a peak this decade as we shift to cleaner energy.
Interestingly, Tesco has kept its diesel prices steady. It started the year as the most expensive but is now the cheapest among major supermarkets.
On the other hand, Asda has raised its pump prices by an average of 0.6ppl, making it the second most expensive for diesel.
Morrisons is currently the best option for unleaded pricing. However, the price differences among supermarkets have shrunk significantly.
At the start of the year, Morrisons was 0.5ppl cheaper than Tesco. Now, that gap is less than 0.2ppl, with Asda and Sainsbury’s falling in between.
