Fuel prices hit record high again as average cost per litre of petrol is 165p

Petrol prices have gone up again as fuel costs surge

Fuel prices have hit a record high again as the average cost of petrol has risen to 165p (Getty Images/iStockphoto)

Fuel prices have hit a record high again as the average cost of both petrol and diesel has risen.

Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Tuesday was 165.0p.

The average cost of a litre of diesel was 176.0p.

The cost of fuel has steadily increased over the last few days, as oil prices have skyrocketed following Russia’s invasion of Ukraine, leading to higher wholesale costs for fuel retailers, and increased prices for Britons when they go to fill up.

RAC fuel spokesman Simon Williams previously said drivers will be “wondering whether these record rises are ever going to stop” and revealed wholesale prices were starting to fall.

Mr Williams added that drivers “badly need a break from these relentless daily rises”.

The latest hike has made the cost of filling a typical 55-litre family car nearly £9 more expensive.

Oil prices surged immediately after Russia’s invasion of Ukraine but declined last week, leading to a cut in wholesale costs.

Mr Williams expressed hope that retailers will “soon start to pass on recent reductions in the price of wholesale fuel”, but warned they are “extremely conscious of protecting themselves from any more rises that could suddenly materialise”.

He added: “With the Spring Statement just a week away, drivers will be looking to the Chancellor to end their misery by cutting duty or VAT.

“One thing’s for sure: simply reiterating that fuel duty has been frozen at 58p a litre simply isn’t going to cut it.”