Motorists are feeling this pinch as UK petrol prices hit a two-year high.
At the end of January, the average price for unleaded snuck up to 120 pence per litre.
PetrolPrices.com has found prices have risen slightly further since then, with unleaded moving to 122.3 pence per litre.
The website is predicting prices will rise by another penny per litre by the end of February, as there are no global events on the horizon that could shift the cost of oil.
RAC fuel spokesman Simon Williams said: “Looking back to December 2014, it was a very different, much brighter picture, as the oil price was consistently falling, going from $70 to $55 in the month and the exchange rate was $1.55.
“Today, however, oil has risen to $55 a barrel and the pound is worth just $1.25, which means with fuel traded in dollars, the cost of filling up has once again become a far greater financial burden to drivers.”
AA president Edmund King believes the prices are bad for the entire national economy and said: “Among AA members, 28% of them spend a set amount on fuel when they go to the fuel station, rising to 40% among the less well-off.
“Higher prices mean less mileage from what they budgeted, and the need to cut back on other spending to compensate to stay on the road.”
Content Marketing Executive at Motors.co.uk
February 9, 2017