Petrol prices are approaching a new high.
According to new research, gasoline prices have been artificially boosted to near-record highs. The AA said that increases in the wholesale cost of diesel are being “loaded onto gasoline.”
According to data from marketing experts Experian Catalist, average fuel pump prices fell to 142.16p per litre on Thursday, just a fraction of a penny below the previous high. In April 2012, the highest recorded price was 142.48p.
On Thursday, the average diesel price was 145.68p.
According to the AA, wholesale price hikes since the summer should have resulted in new records for diesel, while petrol is still roughly 2.5p off its all-time high.
“The AA recognizes that there is definitely still volatility in the fuel trade after the panic buying, and that this may well have affected diesel contracts,” said Luke Bosdet, the motoring organization’s fuel spokesman.
“It also recognizes that it is standard business practice for a shop to allocate greater profit to certain things than to others.”
“However, the petrol retailers’ claim that the spike in gasoline prices, which is poised to set a new high, is entirely due to events outside their control just does not ring true and must be addressed.”
Fuel price records are “extremely certain to be eclipsed” before the end of next week, according to the Petrol Retailers Association.
The “main cause” for this, it claimed, is the “rising and rising of crude oil costs,” which have risen by more than 50% since January.