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Petrol prices on the rise again after oil costs increase

By Tom Gibson | April 25, 2023

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Retailers were slow to lower the price of fuel when oil prices fell but have, predictably, been quick to increase prices now

Petrol prices on the rise again after oil costs increase

Fuel prices have been steadily falling from sky high levels over the past six months but that trend is about to end.

The slight rise in oil prices means the average cost of petrol has increased by 0.5 since the end of March.

The cost of oil itself has risen by over $10 (£8.05) since mid-March following a surprise production cut by the oil producer group OPEC.

Despite petrol prices falling for 22 consecutive weeks, motorists who use diesel didn’t experience the same reductions with the average price remaining at a stubbornly high 172.2p.

AA fuel price spokesman Luke Bosdet said UK drivers have are still being impacted by a pump-price postcode lottery and highlighted an area of Norfolk, where this week supermarkets were selling a litre of petrol for 146.9p in Dereham, but 13 miles away in Fakenham the cost was 158.9p.

Bosdet also said diesel drivers ‘are clearly being ripped off’ as, although prices have fallen slightly this ‘doesn’t excuse the fact that diesel supplied to the retailers has been cheaper than petrol for a month.’

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