UK petrol prices hit highest level in almost four years as bank holiday getaway looms
UK petrol prices have risen to their highest level in almost four years, increasing costs for motorists ahead of the bank holiday weekend. The rise matters because millions are expected to travel by car, with the RAC forecasting exceptionally heavy traffic on major roads and motorways.
The AA said average petrol prices reached 161.6p per litre and diesel 183.4p, levels last seen in November 2022 after Russia’s invasion of Ukraine. Higher wholesale oil costs, linked to the US war with Iran, have contributed, although the competition regulator has also criticised retailers for being slow to cut pump prices when costs fall; it has issued more than 1,000 warnings over missing Fuel Finder price data.
- Petrol averages 161.6p a litre, the highest since 2022.
- Heavy bank holiday traffic is expected across the UK.
- Regulators are monitoring retailers over fuel-price transparency.
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Pump prices reflect the cost of fuel before it reaches forecourts, as well as the costs and margins of suppliers and retailers. Changes in wholesale oil prices can therefore feed through to what drivers pay, though not always immediately.
The RAC monitors motoring costs and traffic, while the AA tracks fuel prices. The Competition and Markets Authority oversees competition between businesses and has raised concerns about how quickly retailers pass on changes in costs.
Fuel costs affect household travel and the price of moving goods around the country. Bank holidays often bring more road journeys, so changes at the pump can matter to drivers planning trips and to businesses that rely on transport.
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The case for
Higher pump prices reflect increased wholesale oil costs linked to the US war with Iran, so retailers may be passing on higher supply costs rather than arbitrarily raising prices. Accurate Fuel Finder data and timely price changes can help motorists compare forecourts and support fair competition, while the market responds to changing costs.
The case against
Motorists face a sharp rise in travel costs just as many are setting off for the bank holiday, and the regulator’s criticism suggests some retailers may have been slow to pass on falling wholesale costs. Missing Fuel Finder data can also make it harder for drivers to compare prices, strengthening the case for closer scrutiny and more transparent pricing.