UK drivers have been hit by rocketing fuel prices which saw their sharpest monthly increase in 23 years last month amid surging global oil prices, national motoring organization the RAC announced this week.
Average diesel prices jumped by 8 pence (10 cents) per liter, pushing up the cost of a full tank by £4.41 ($5.54) in August compared to July, RAC Fuel Watch reported.
Gasoline soared by nearly 6.68 pence per liter in August as global crude prices crept up by almost $15 per barrel from July and reached over $90 a barrel following production cuts by members of the OPEC+ group, data from the watchdog showed.
“This led to the wholesale cost of fuel – the price retailers pay – going up, which in turn has been passed on to drivers on the forecourt,” said RAC spokesperson Simon Williams.
“August was a big shock to drivers as they had grown used to seeing far lower prices than last summer’s record highs,” he added.
At the beginning of September, crude oil prices hit their highest level since last November amid a tightening market and expectations that Saudi Arabia and Russia would extend their supply cuts into October.
Global oil prices were trading higher on Tuesday. US crude benchmark West Texas Intermediate (WTI) was trading above $87 per barrel while Brent was over $90 a barrel.
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