UK fuel prices near record high

The Petrol Retailers Association has warned that fuel price records in the UK are “almost certain to be eclipsed.”

The Petrol Retailers Association has warned that fuel price records in the UK are “almost certain to be eclipsed,” while the AA claims prices are being artificially inflated.

Increasing wholesale prices for the cost of diesel are being “loaded onto petrol,” analyses by the motoring organisation says.

On Thursday, October 21, average petrol pump prices were a fraction of 1p off the record according to Experian Catalyst show analyses.

The highest price recorded was in April 2012, when prices were at 142.48p.

Average diesel prices on Thursday were 145.68p.

The AA says the increase in wholesale prices since the summer should have caused a new record in diesel prices, with petrol still around 2.5p off its all-time high.

AA’s fuel spokesman Luke Bosdet said: “The AA recognises that there is probably still turmoil in the fuel trade after the panic buying, and that may well have disrupted diesel contracts.

“It also understands that it is basic commerce for a retailer to load more profit on to some items than others.

“But for the petrol retailers to state that the rise in petrol prices, and likely a new record, is completely down to circumstances beyond their control just doesn’t ring true and has to be challenged.”

The Petrol Retailers Association insisted the “primary reason” for an increase happening is the “rise and rise of crude oil costs”, which have increased by more than 50 per cent since the beginning of this year.

Worryingly, figures suggest over a third of drivers in the UK could not buy fuel at the height of the shortage crisis.

A survey by the Office for National Statistics (ONS) showed that 37 per cent of people were not able to purchase fuel over the past two weeks due to it being unavailable. This is twice the amount of those that reported difficulties when asked the same question two weeks earlier.

According to the Department for Business, Energy and Industrial Strategy, petrol station stock levels have now completely recovered.

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