Drivers are being advised to stay calm despite the surge in oil prices exceeding $100 per barrel. Brent crude hit close to $120 at one point on Monday, reaching levels not seen since the summer of 2022.
Given that oil is a crucial component in producing petrol and diesel, any rise in oil prices directly impacts the cost of fuel at gas stations. Over the weekend, the national average for diesel surpassed 150p per liter, hitting 150.97p on Sunday, according to the RAC. Unleaded petrol averaged at 137.51p per liter on the same day.
AA president, Edmund King, reassured that significant fuel price spikes won’t happen suddenly. The delay in price adjustments is due to fuel being purchased at previous rates, causing a lag in reflecting the impact of rising oil prices at the pump.
Drivers are encouraged to compare fuel prices in their area to find the best deals currently available. King advised against altering refueling habits but suggested considering cutting non-essential trips and adjusting driving styles to save fuel, particularly with warmer weather conditions aiding in maximizing fuel efficiency.
To access the latest petrol and diesel prices near you, platforms like Petrol Prices offer free online tools by inputting your postcode. The RAC provides up-to-date national averages for petrol and diesel, including breakdowns for supermarkets and motorway stations.
Recently, the government introduced a new “fuel finder” initiative, mandating all UK filling stations to report petrol and diesel price changes within 30 minutes. This data is publicly accessible, enabling third-party apps, websites, and car navigation systems to display real-time and comparable fuel prices. Retailers failing to comply with the scheme may face action from the Competition and Markets Authority.
To save on fuel costs, it’s advisable to avoid pricey motorway service stations and plan refueling stops strategically. Additionally, maintaining your vehicle through regular servicing ensures it operates efficiently, helping you save on fuel expenses in the long run.