Drivers are being advised not to panic despite the surge in oil prices exceeding $100 per barrel. Brent crude reached nearly $120 at one point on Monday, hitting levels not seen since the summer of 2022.
Oil plays a crucial role in the production of petrol and diesel, meaning that spikes in oil prices directly impact what consumers pay at the fuel pumps. Over the weekend, the national average for diesel surpassed 150p per liter, reaching 150.97p on Sunday, while the average for unleaded petrol reached 137.51p per liter.
Edmund King, the president of AA, reassured that significant fuel price increases would not happen suddenly. This delay is due to fuel being purchased at previous prices, causing a lag in the impact of rising oil costs on consumer prices.
King advised drivers to maintain their refueling habits but consider reducing non-essential trips and adjusting their driving style to conserve fuel, especially with warmer weather aiding in maximizing fuel efficiency.
To find the best fuel prices, drivers are encouraged to compare prices locally. Platforms like Petrol Prices offer a free online tool that allows users to check the latest petrol and diesel prices by entering their postcode.
The Government recently introduced a “fuel finder” initiative mandating all UK filling stations to report any price changes for petrol or diesel within 30 minutes. The open-source data enables third-party apps, websites, and car navigation systems to display real-time and comparable prices. The Competition and Markets Authority vowed to take action against retailers failing to comply with the reporting scheme.
To save money on fuel, it is advisable to avoid costly motorway service stations and plan refueling stops strategically. Additionally, regular car maintenance is crucial to ensure optimal fuel efficiency.
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