Christmas fuel prices hit record high
They're higher than they were this time last year
Drivers are being hit by record Christmas getaway fuel prices, according to new analysis.
The RAC says motorists are being "heartlessly overcharged" as the average price per litre of petrol is around 153p, with diesel at 176p.
Compared with the days leading up to Christmas 2021, which was previously the most expensive for drivers, current prices are 7p higher for petrol and 27p more for diesel.
The millions of motorists embarking on journeys this week to spend the festive period with loved ones are paying an extra £20 for filling a typical 55-litre family car with petrol and £31 for diesel than two years ago.
The RAC claimed drivers should not be feeling so much pain at the pumps as the wholesale price of petrol is the same as 12 months ago, while diesel is just 14p more per litre.
It also noted that the Government's 5p per litre cut in fuel duty introduced in March also remains in place.
The motoring services company believes the average price of litres of petrol and diesel should be cut by around 15p and 13p respectively.
Drivers 'heartlessly overcharged'
RAC fuel spokesman Simon Williams said: "With the cost-of-living crisis making this one of the toughest Christmases on record, it is even more galling to know drivers are being heartlessly overcharged for fuel, making this the most expensive ever festive getaway on the roads.
"The big four supermarkets, which dominate UK fuel retailing, have robustly refused to significantly lower their forecourt prices to reflect what's happened with the substantial reduction in the price of wholesale fuel that they are enjoying."
He called on supermarkets to "give drivers the Christmas present they deserve" by cutting fuel prices.
"We now have a bizarre situation where many smaller independent retailers are charging far less for their fuel than the supermarkets," Mr Williams said.
"After years of the supermarkets being the cheapest place to fill up, many drivers automatically assume this is still the case and may be losing out as a result."
Average fuel prices reached record highs of 192p per litre for petrol and 199p per litre for diesel in July, partly due to Russia's invasion of Ukraine.
The cost of living crisis is affecting many:
Interest rates and inflation go up
Inflation rose by 8.8% in the 12 months to January 2023, down from 9.2% in December 2022. With interest rates also rising to 4%, those saving money will earn more interest on their finances, whilst those paying mortgages would pay more interest to the bank.
Energy bills
The price of energy went up incredibly as the cost of living crisis hit, with the gas price spike caused largely by the war in Ukraine. The price cap - which is set by an independent regulator to help offset costs onto customers - was set to rise to £3,549 for an average home in October but a price freeze from the government restricted the typical bill to £2,500. That's still an increase of 27% from the previous energy cap and as it's a cap on unit cost, the more energy you use the higher your bill will be.
Food prices
The cost of a weekly shop also has gone up as a result of the cost of living crisis. As a result of the war in Ukraine, a number of products including cooking oils and wheat have been disrupted. This means that several products are now considerably more expensive, driving bills up for customers.
Prices at the pumps
The average cost of petrol has also rose to unprecedented levels. Supply lines for petrol have been thrown into doubt as a result of the war in Ukraine, as Russia is a large export partner for gas, oil and fuel. In April 2022, the average price for a litre of petrol on the forecourt was 160.2p, whilst a litre of diesel would cost 170.5p. By late June 2022 the price had risen to an average of 190.9p for a litre of unleaded and 198.9p for a litre of diesel. In March 2023 the price wass on average of 147.03 in petrol and 167.04 in diesel.
Average cost of filling up a car with petrol hits £100
On 9th June 2022, the average cost of filling up a car with petrol hit £100 for the first time ever. Diesel had already hit that milestone. It comes as the cost of fuel hit a record high of one pound eighty a litre. The 2p rise was the biggest daily jump in 17 years. Prices have dropped by at least 20p per litre since the high point.