Petrol prices surge to highest level for a year as pound slumps

Petrol prices at the pumps have reached their highest level for more than a year, according to official figures.

The average price of unleaded petrol has hit 112.35p per litre, the most expensive it has been since August 24, 2015.

Diesel prices also rose to their highest point since August 3, 2015, at 114.4p per litre.

The findings from the Department for Business, Energy and Industrial Strategy's weekly road fuel prices report comes as oil prices continue to rise following Opec's move to secure a production cut.

Simon Williams, fuel spokesman at breakdown and car insurance provider RAC, said motorists were starting to feel the impact of an increase in the oil price and the collapse in the value of the pound.

"Fuel like oil is traded in dollars so the exchange rate has a bearing on what we pay at the pump," he said.

"The oil price went through the 50 US dollar a barrel mark in August, while the pound has gone to 1.23 US dollars and we were at 1.33 US dollars on September 12. That is all contributing to the cost going up and we have seen a couple of pence per litre go on already.

"It is that nasty combination that will see the price of fuel go up on average across the UK."

Oil prices hit one-year highs on Monday after Vladimir Putin said Russia would be willing to join Opec in an output freeze.

Speaking at the World Energy Congress in Istanbul, the Russian president said that limiting production was the "only way" to stabilise the oil market.

The price of oil broke above 53 US dollars a barrel on Tuesday, before slipping back 0.9% to 52.67 US dollars.