You are here: Home - Insurance - News -

Petrol prices at eight-year high

Written by: Emma Lunn
The price of petrol is at its highest level since 2013, having risen by almost 20p since November, according to the AA.

Average petrol prices broke above 133p per litre this week, after rising every week for 32 weeks.

Back in November 2020, petrol cost 114p per litre. The price hike means the cost of filling a typical 55-litre family car has gone up by more than £10. In May 2020 petrol cost just under 107p a litre due to falling demand amid the first lockdown.

Diesel has undergone a similar price rise, according to AA research. The cost of a litre of diesel has gone up from 117.20p in November to 135.74p in July.

Luke Bosdet, the AA’s fuel price spokesperson, said: “Surging pump prices continue to drain family and other consumer spending. A family with two petrol cars would have spent around £230 on fuel in November had Covid lockdowns not discouraged travel. Now, the monthly cost of refuelling their vehicles is above £265.”

The eight-year high comes just as schools start to break up across England and Wales, with many families planning to travel to holiday destinations within the UK.

A survey by the RAC found that many people had booked breaks in the West Country, Scotland, Yorkshire, the Lake District and East Anglia. More than half said they planned to drive more than 150 miles from home.

Rod Dennis, RAC spokesperson, said: “With the school summer holidays less than two weeks away, a second ‘staycation summer’ in a row now looks like a certainty and will mean millions of us relying on our cars to get us wherever we want to go.

“Our research shows that while most people have already made their plans, if – as expected – travel restrictions limit the numbers taking foreign holidays, then those booking last-minute trips in the UK will probably soar, adding to what we expect to already be an extremely busy summer on the roads.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week