Petrol price soars to new record high – even though wholesale prices have slumped

Fuel prices have hit a new high at UK forecourts, despite wholesale costs slumping. 

Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Thursday was 161.1p, up from 159.6p on Wednesday.

The average cost of a litre of diesel reached a new high of 170.1p on Thursday, up from 167.4p on Wednesday.

Oil prices soared following Russia’s invasion of Ukraine, leading to higher wholesale costs for fuel retailers with motorists seeing eye-watering surges at the pumps. 

However, the AA has revealed that wholesale prices now seem to be on the way down.  

Petrol wholesale costs have fallen to 67.7p per litre, down from 75.8p per litre at the start of the week. Wholesale diesel costs have fallen from 89.8p per litre to 77.3p per litre over the same period.

These reductions ‘offer drivers the hope that pump prices are reaching their peak and may fall back’, the AA added.

Fuel prices have soared at the pumps and at wholesale this year (pictured up to January 2022), surging even more when Russia invaded Ukraine.

Fuel prices have soared at the pumps and at wholesale this year…

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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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