Petrol back over £130p per litre

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PA

Petrol has crept back over the 130p a litre mark, according to figures from the RAC.

The rise is down to the tension between Russia and the west over Ukraine causing traders to buy up oil stocks, the RAC said.

In mid-January this year petrol fell below 130p a litre for the first time since February 2011. It remained at this comparatively low level until yesterday when the average UK price at the pumps rose to 130.17p a litre.

The RAC said that In January 2014, the price of diesel had dropped to its lowest since mid-July 2012 - at 137.27p. Since then diesel prices have remained steadily low with yesterday's average price at 136.39p a litre.

RAC fuel spokesman Simon Williams said: "It's a great shame our surprise 'holiday' from the ever-increasing cycle of petrol price increases has now come to an end.

"Sadly, the political tensions over Ukraine have negatively affected the price motorists pay at the pumps as a result of traders not wanting to be caught out and therefore buying up crude oil stocks and consequently raising crude prices."

He went on: "Unfortunately we are likely to see a 2p increase in petrol in the weeks ahead. Diesel, being subject to slightly different influences, may stay down for longer. In fact, retailers have been using the lower diesel price to subsidise the price of petrol to keep it lower for longer.

"While savings in the cheaper price of petrol were only small, at 129p a litre the price was 11p cheaper than it was in early March last year which meant a saving of around £6 on a tank of petrol for an average family car like a Ford Focus and £5 for a tank of diesel."

The most expensive petrol in the world

The most expensive petrol in the world