04 March 2024 , 22:17
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Drivers have been hit with the biggest monthly jump in fuel prices in two years.
The average cost at the pumps rose 4p a litre in February, the RAC found. Diesel shot up nearly 5p. With unleaded now 144.76p it means an average full tank is now £79.62, the motoring group’s calculations reveal. The typical 55 litres of diesel it takes to fill up a family car went up £2.60 to £84.27.
The increases have been driven by the price of oil breaking through the $80 (£63) per barrel mark on February 8 and staying there for the rest of the month.
Combined with the weakened pound worth only $1.26, retailers had to pay more for wholesale fuel as it is traded in US dollars. Other factors include the wars in Ukraine and Gaza, a cut in production by Russia and Saudi Arabia, and rising demand from China.
The RAC also found drivers in Northern Ireland are getting a far better deal at the pumps, around 5p a litre cheaper. Spokesman Simon Williams said retailers seemed happy to operate on thinner margins there.
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With the cheapest and dearest tankfuls varying by £10 at supermarkets, he added: “We hope the eventual introduction of the monitoring body recommended by the Competition and Markets Authority will help to bring an end to this postcode lottery that treats drivers so unfairly.”