UK fuel prices rise by highest margin since February 2022

Prices of petrol and diesel increased for the second month in a row in February, suffering the largest rise since Russia’s invasion of Ukraine back in February 2022. According to figures from RAC Fuel Watch, petrol prices increased by 4p per litre to 144.76ppl, which means the cost of a full tank of an average 55-litre family car now stands at £79.62 - £2 higher than in January. Diesel, meanwhile, increased by 5ppl to 153.22ppl, making for an £84.27 bill for drivers of an average family car - a rise of £2.60 month on month. Related articles The RAC claims the price increases have been a result of rising oil prices, with the cost of a barrel surpassing $80 (£63.28) on 8 February meaning retailers had to pay more for fuel, passing on the price rise to customers.  Last month, the RAC also claimed prices were impacted by Houthi rebel attacks on cargo ships in the Red Sea, which was forcing route changes and subsequent delays.  Drivers in Northern Ireland are supposedly getting better prices than those in the rest of the UK, with diesel coming in 4.6ppl cheaper at 148.62ppl and petrol coming in 5.6ppl cheaper at 139.19ppl. The RAC described the discrepancy as “galling”, with retailers across the Irish Sea willing to sell fuel to drivers at cheaper rates. “Our data shows that in February, drivers have endured some of the biggest monthly average fuel price increases since the year 2000,” said Simon Williams, fuel spokesperson for the RAC. “Diesel’s 4.7p rise was the 14th largest and the 4p that went on to petrol was the 17th biggest increase since the start of the century.” It’s claimed that many retailers are taking a margin of around 10ppl on both petrol and diesel, with supermarkets taking up to 8ppl. There was also an 18p difference between the cheapest and costliest supermarket petrol prices and a 21p difference for diesel.  “When analysing the supermarkets’ prices via the Competition and Markets Authority open data scheme, it's also very clear there are some big differences between the cheapest and most expensive prices charged for both petrol and diesel,” Williams said.  “To put this into context, it means the cost of filling a family-sized car can be up to £10 more expensive in one part of the country than another. It’s important to remember this is the very same product being charged at vastly different prices based just on location.” The Petrol Retailers Association (PRA), meanwhile, has called for action in tomorrow’s Spring Budget, described by the organisation’s boss Gordon Balmer as “a pivotal moment for addressing the pressing concerns facing petrol retailers across the UK”.