Petrol Prices Surge at Fastest Rate Since Last October
February saw the quickest jump in average petrol prices since a record-breaking 7.5p hike in October. Unleaded petrol surged from 146.62p to 151.16p per litre by month’s end, hitting an all-time high of 151.25p on February 27.
Filling up a typical 55-litre family car now costs a whopping £83.14 — that’s £3 more than January and a massive £15 (22%) increase compared to last year.
Diesel Prices Hit Record High
Diesel drivers faced even worse pain at the pumps. Diesel rose 4.76p to 154.75p per litre, smashing previous records. That’s the seventh largest monthly rise on record and the biggest since last October’s 8p jump.
Filling up a 55-litre diesel car now sets you back £85.11 — up from £82.49 at the start of February and a staggering £15.44 more than a year ago.
Blame Russia and Oil Prices Rocketing
The spike in pump prices is fueled by wholesale costs, driven up by a $10 surge in oil prices to $103.26 per barrel during February. The oil price even hit $106.61, the highest since August 2014, just days earlier.
The primary culprit? Russia’s invasion of Ukraine, which has rattled global markets. Even before the conflict, oil supply was struggling to keep pace with rising global demand as the pandemic eases.
RAC Calls for Emergency Fuel VAT Cut
“February was undoubtedly a shocking month for drivers,” said RAC fuel spokesman Simon Williams. “A 4.5p rise is bad, but record prices hurt households across the UK. With oil prices shooting past $100 a barrel due to Russia’s invasion, wholesale fuel costs have soared.”
“Our research shows 80% of drivers can’t live without their cars, making transport more vital than ever. But the high cost at the pumps may force people to cut non-essential trips.”
“We urge the Treasury to consider a temporary VAT cut on fuel to ease the pain and protect drivers from further hikes.”
Regional Price Changes in February
Unleaded prices rose across the UK in February, with the biggest jump in the North West (+5.01p). Diesel saw the highest hike in the North West as well (+5.32p). Here are some key regional shifts:
- Unleaded: UK average up 4.54p, London 4.53p, South West 4.7p
- Diesel: UK average up 4.76p, West Midlands 5.13p, North West 5.32p
