After a convenient period of price reduction, the cost of both petrol and diesel fuel has gone up across the UK. The sudden price rise came with the price of oil going up by 5%, courtesy of production cuts from OPEC (Organization of the Petroleum Exporting Countries), in partnership with Russia.
So, the average price for a litre of petrol or diesel is expected to go by up more than a £1 by of end of March; so, for example, a family car with a 55-litre tank will set you back £66; diesel will be higher at £71. Additionally, with the wholesaler price going on slightly, retailers have instantly raised their prices too, so the chance to save money on petrol won’t happen anytime soon.
London and the North East of England were the biggest victims to the price in fuel – petrol went up by an average of 1.18p in the big city, compared to a 0.71p rise rise in the South East of England. London had the greatest increase in diesel prices – going up by 1.53p.
The price changes may seem small, the increase hasn’t set in stone; and eventually, as the prices rise, your daily costs will go up too. It’s worth keeping an eye on this and managing your finances accordingly.