Petrol prices surge by 6p/litre in 2024

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The price of petrol has risen by almost 6p per litre since January, with a notable 2p increase recorded in March, reaching an average of 146.48p per litre, as reported by RAC Fuel Watch.

Similarly, diesel prices have also climbed by more than a penny, settling at 156p per litre. This marks the third consecutive month of price hikes in the UK fuel market.

The surge in forecourt prices can be attributed to a 5% hike in the cost of a barrel of oil, reaching $87.48 (£69.3) in March from $83.55 (£66.1) previously.

Additionally, increased demand for petrol in the US ahead of summer has pushed wholesale unleaded prices to nearly match those of diesel.

Analysis from RAC Fuel Watch indicates a tightening of profit margins for retailers, with the average margin on unleaded shrinking to 8p per litre compared to 10.5p earlier in the year.

Diesel margins also experienced a slight increase to 11p per litre over the same period.

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