The RAC, the national driving association, said this week that UK drivers had been stung by rocketing fuel prices, which witnessed their steepest monthly increase in 23 years last month amid increasing global oil prices.
According to RAC Fuel Watch, average diesel prices increased by 8 pence (10 cents) per liter in August, raising the cost of a full tank by £4.41 ($5.54) over July.
According to data from the watchdog, gasoline prices increased by roughly 6.68 pence per liter in August as global crude prices increased by nearly $15 per barrel from July to reach more than $90 per barrel following output cuts by members of the OPEC+ group.
“This led to the wholesale cost of fuel – the price retailers pay – going up, which in turn has been passed on to drivers on the forecourt,” said RAC spokesperson Simon Williams.
“August was a big shock to drivers as they had grown used to seeing far lower prices than last summer’s record highs,” he added.
Crude oil prices rose to their highest level since November of last year, owing to a tightening market and anticipation that Saudi Arabia and Russia would prolong their production cuts into October.
On Tuesday, global oil prices were higher. The West Texas Intermediate (WTI) crude benchmark in the United States was trading above $87 per barrel, while Brent was trading above $90 per barrel.
