DRIVERS have been hit by hikes at the pumps, with the cost of filling up now £5.50 more expensive than in January.
Petrol prices rose by 2p in April to 149.9p, while diesel rose by 2p to 157.7p, the RAC said.
It was largely due to heightened tensions in the Middle East — which briefly sent oil prices surging before easing again — and a weakening Pound against the dollar.
The RAC has accused fuel retailers of fattening their profits by being fast to hike prices when oil rises and slow to reduce them when it falls.
The driving group also called on regulators to tackle a “postcode lottery” on forecourt pricing.
Its analysis shows there is a 36p difference between Asda’s cheapest garage — which charges 139.7p a litre — and its most expensive at 175.9p.
Oil giant BP has a 30p gap between its cheapest and most expensive forecourts, which are typically motorway services.
Petrol prices usually go up when wholesale costs rise.
When supply falls, wholesale prices go up.
Those prices are then passed onto the consumer buying at the pump.
It’s hard to predict what will happen to petrol prices, as there are many factors affecting global oil prices.
But the government has previously put pressure on petrol station bosses to stop treating hard-up drivers as “cash cows”.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
