British drivers hit by one of the largest monthly petrol price hikes in 23 years

03 September 2023 , 23:30

1040     0

British drives have been hit by massive price rises throughout August (Image: PA)

Drivers up and down the UK were hit by one of the highest hikes in petrol prices on record this August, it has been revealed.

With the nation in the grip of a brutal cost of living crisis, the cost of unleaded rose by an average of 7p over the course of the month – with diesel rising 8p as well. That means it now costs on average £4.40 more for Brits to fill up at petrol stations.

According to RAC’s Fuel Watch tracker, prices have only risen faster in a single month three times since 2000. One of those was last year immediately after Russia invaded Ukraine and western Europe's supply of oil was briefly disrupted.

Petrol prices are now the highest they have been since the start of the year. According to the RAC, the average price for unleaded petrol is 152.25p a litre, while for diesel it’s 154.37p.

RAC fuel spokesperson Simon Williams explained earlier this month that rising prices are being driven by a rise in the price of crude oil. The price of a barrel has been changing hands at over $80 since the third week of July, following production cuts. Crude oil has been above $85 for the last seven trading days and remains at the highest price since the middle of April.

Morrisons is offering customers 5p off every litre of fuel - but there's a catch

In a bid to level the playing field, the RAC is now introducing a "Pumpwatch" style app that lists petrol station's prices in close to real-time to allow drivers to get the best possible deals near them. An RAC spokesman said: "August was a big shock to drivers. But it could have been far worse.

“All we can hope is that this move by many big retailers back to fairer forecourt pricing remains in place when wholesale costs go downagain. Only time will tell.”

This weekend, the Mirror reported how drives can sign up for petrol loyalty schemes - just like supermarket schemes - to cut their petrol costs.

If you are looking to save money when filling up your car, then it may be worth signing up for a fuel loyalty scheme. Major supermarkets also allow you to collect points through their own membership cards, which you can save up to spend in stores.

Matt Clemenson