DRIVERS are being warned that petrol prices could rise within 14 days as global oil prices soar.
Brent crude oil jumped nearly 10% before settling 7% higher at $74 a barrel, following Israel‘s attack on Iran‘s nuclear programme last night.
In general, if the exchange rate stays the same, a $2 change in oil prices usually leads to a 1p per litre change at the pump[/caption]
Experts say this marks the end of the cheapest petrol prices in the UK in four years, with wholesale costs already up by 3p per litre in the past week.
Luke Bosdet, spokesperson for the AA, said: “Bottom-line, the falls in the average pump price of petrol that took it down from 139.8p a litre in February to 132p this week will come to an end.”
This increase was already expected, as the AA warned in May that wholesale prices tend to rise during the US summer driving season, when demand for petrol increases.
However, Israel’s attack overnight has added more pressure on fuel prices.
Luke added: “Inevitably, conflict in the Middle East forces up the price of oil and threatens higher pump prices in the UK.”
That said, it typically takes around two weeks for changes in wholesale fuel costs to be reflected at the pump, as fuel needs time to move through the supply chain to petrol stations, according to the RAC.
In general, if the exchange rate stays the same, a $2 change in oil prices usually leads to a 1p per litre change at the pump.
To help lessen the impact of rising pump prices, Rhydian Jones, a car insurance expert at Confused.com, advised drivers to shop around for the best deals to save money.
He added: “Simple changes to your driving habits can help reduce fuel consumption and cut down how often you need to fill up.
“These include removing unnecessary weight from your car, keeping tyres properly inflated, driving gently without overusing the accelerator, keeping windows closed, and avoiding idling whenever possible.”
How can I find the cheapest petrol stations?
Websites like Petrolprices.com can help you find the cheapest petrol stations near you.
The site covers over 3,800 petrol stations using CMA data, providing daily price updates for unleaded, diesel, super unleaded, and premium diesel.
To use it, simply register, enter your postcode, choose how far you’re willing to travel (up to 20 miles), and select your fuel type.
Keep in mind, you can only search the website five times a day, but downloading the app gives you unlimited searches.
Your savings will depend on how often you fill up, which varies based on how frequently you use your car.
Prices also differ by location and change week to week, so it’s always worth checking to make sure you’re getting the best deal.
Petrolprices.com isn’t the only option for comparing fuel costs.
Fleet News and Allstar also offer tools to check petrol prices across different counties, letting you see how your area compares to the UK average.
Plus, Confused.com has a petrol price checker for registered users, allowing them to find fuel prices within a 5, 10, or 25-mile radius.
How else can I cut fuel costs?
ONE way to save is by signing up for major supermarket loyalty schemes, which can give you discounts of up to 5p per litre.
Esso has partnered with Nectar, allowing you to get 5p off per litre when you redeem 300 Nectar points.
BP drivers can use the BPme rewards card to earn one point for every £1 spent in-store or on a litre of regular fuel, with £1 off fuel or shopping for every 200 points.
Loyalty schemes from Texaco, Shell, Sainsbury’s, and Tesco also offer savings on fuel and shopping bills.
You can further reduce fuel costs by driving more efficiently by:
- Accelerating gradually without over-revving.
- Driving in the highest gear possible.
- Allowing your car to slow down naturally instead of braking unnecessarily.
Don’t forget about clutter in your car.
Extra weight from tools, toys, or rubbish can increase fuel consumption by as much as 12%.
Clearing out unnecessary items can make a noticeable difference to your costs.
