Market News

Average petrol prices have exceeded £1.70 per litre for the first time, new figures show.

The average price of a litre of petrol at UK forecourts on Tuesday was 170.4p, according to data firm Experian Catalist.

Diesel also reached a record high of 181.4p per litre.

Petrol has become around 41p per litre more expensive over the past 12 months, adding around £23 to the cost of filling a typical 55-litre family car.

RAC fuel spokesman Simon Williams said the price of petrol has reached “another unfortunate landmark”.

“While wholesale prices may have peaked for the time being last week, they are still worryingly high, which means there’s no respite from the record-high pump prices which are so relentlessly contributing to the cost-of-living crisis,” he said.

“We badly need the Government to take more action to ease the burden on drivers, which we hope will feature in its announcement expected this week.

“VAT at 20% on fuel is currently benefitting the Treasury to the tune of around 30p a litre, which seems very unfair when you consider it’s a tax on a tax as fuel duty – despite being cut to 53p a litre at the end of March – is charged at the wholesale level.”

AA fuel price spokesman Luke Bosdet said petrol has passed “yet another milestone of misery along the road of record pump prices”.

He added that there is “still quite some variation in pump prices among fuel stations in most areas”, and it is “particularly galling” when supermarkets of the same brand charge “significantly more” at one superstore compared with another in the same region.