Drivers hit at pumps as petrol prices rise to 150p a litre for first time since November
PETROL prices have hit 150p a litre for the first time since November.
They have risen by more than 3p a litre since the start of April and 9p since the start of the year.
RAC spokesman Simon Williams said it means filling a typical family car has become £5 more expensive since the New Year.
Mr Williams said: “There are two main reasons for this — the rise in the cost of oil and a weakening pound, which makes it more expensive when retailers come to buy new fuel supply.”
Oil prices have been rising on the back of tensions in the Middle East.
Earlier this month they passed the $90-a-barrel mark.
But they have been falling slightly in the past week as fears of further aggression between Iran and Israel faded.
Brent crude was yesterday trading at $87.65.
But fuel retailers have trebled their profit margins since the start of the pandemic, MPs have found.
The margin on diesel is now 14p compared with the long-term average of 8p, making it 159p a litre.
Prices would be higher if not for The Sun’s successful Keep It Down campaign to freeze fuel duty.