Petrol costs at eight-year excessive, says AA

Petrol costs have climbed to their highest stage in nearly eight years, says motoring organisation the AA.

Common costs have hit 133p a litre, it says, nearly 20p larger than in November. Diesel costs are additionally up.

The rise comes as households refill the tank for summer time getaways. Rival motoring physique the RAC is forecasting an exceptionally busy summer time on UK roads.

The rise in gasoline prices comes after a gentle rise in oil costs and has added to fears of rising inflation.

Oil costs have risen over the previous 12 months from about $43 a barrel to greater than $70 now.

Figures launched this week confirmed the speed of inflation within the UK hit 2.5% within the 12 months to June, the very best for practically three years, with rising gasoline costs one of many causes of the rise.

The final time UK drivers needed to cope with gasoline costs this excessive was at the start of October 2013.

“Surging pump costs proceed to empty household and different shopper spending,” mentioned Luke Bosdet, the AA’s gasoline worth spokesman.

“A household with two petrol automobiles would have spent round £230 on gasoline in November had Covid lockdowns not discouraged journey. Now, the month-to-month price of refuelling their autos is above £265.”

The RAC says drivers are planning an estimated 29 million UK holidays this 12 months, with 16 million of those within the faculty holidays alone.

Its survey of two,500 drivers says the variety of individuals making agency UK vacation bookings has risen 20% since April, with the RAC figures suggesting the West Nation – Cornwall, Devon, Dorset and Somerset – will obtain the biggest numbers of holidaymakers.

Petrol prices at eight-year high, says AA