UK Fuel Prices Hit Highest Level Since 2022

UK fuel prices have climbed to their highest levels since November 2022, with petrol averaging 161.6p per litre and diesel averaging 183.4p per litre. The surge comes as millions of motorists prepare for a bank holiday weekend in England, Wales, and Northern Ireland, with the Royal Automobile Club predicting the highest traffic levels since 2015.

Rising wholesale costs, driven by the conflict between the United States and Iran, fueled the increase. Brent crude peaked at $126 a barrel in April before settling at $89.63. The Automobile Association noted that pump pricing has returned to its worst state, describing costs as overpriced and uncompetitive in many communities.

The Competition and Markets Authority has intensified its monitoring of fuel retailers to investigate potential profiteering and the failure to pass wholesale price decreases to consumers. The regulator has issued more than 1,000 warning letters to retailers that failed to provide pricing data to the government's Fuel Finder service.