Motorists across the UK are facing another financial blow as petrol prices have climbed to their highest level since November 2022, just as millions of people prepare to take to the roads for the late August bank holiday weekend.
The average price of petrol has reached 161.6p a litre, while diesel has risen to an average of 183.4p a litre, according to figures from the AA. The latest data means drivers are paying considerably more to fill their vehicles at a time when many families are already dealing with higher household costs.
The rise marks the most expensive petrol has been since the period following Russia’s invasion of Ukraine in 2022, when international energy markets were severely disrupted. Recent increases have again been linked to tensions in the Middle East and their impact on global oil and fuel markets.
The latest figures also show that petrol prices have continued to edge upwards despite periods when wholesale fuel costs have fallen. Fuel Finder data showed the national average for petrol increased by 0.4p during the week to 30 August, while diesel rose by 0.9p.
The cost of fuel is particularly high this weekend as millions of motorists are expected to travel. The RAC has forecast around 20 million leisure journeys between Friday and bank holiday Monday, potentially making it the busiest late August bank holiday on the roads since records began in 2015.
Friday was expected to be the busiest day, with approximately 4.1 million getaway trips planned. A further 3.8 million journeys were forecast for Saturday, followed by 3.1 million on Sunday and 3.4 million on Monday.
The combination of expensive fuel and heavy traffic is expected to increase the overall cost and inconvenience of travelling this weekend. An RAC survey has also indicated that some motorists have reconsidered or cancelled journeys because of rising petrol and diesel prices.
The AA has criticised the UK fuel market, arguing that pump pricing remains too expensive and insufficiently competitive. AA fuel price expert Luke Bosdet said the latest figures showed that UK pump pricing was back to its worst, with too many motorists unable to access reasonably priced fuel.
Concerns have also been raised by the Competition and Markets Authority about how quickly some retailers pass changes in wholesale costs on to consumers. The regulator has previously warned fuel retailers over pricing practices and encouraged greater transparency for motorists.
With petrol now costing 161.6p a litre and diesel 183.4p, drivers face a particularly expensive bank holiday getaway. Motorists are increasingly being encouraged to compare forecourt prices before filling up, as significant differences can exist between individual stations.
