According to the AA, fuel prices have risen dramatically in the last 10 days.

The AA’s (Automobiles Association) monthly Fuel Price Report has revealed that diesel prices have experienced their highest month-on-month increase this century, while petrol prices are at their second highest since 2000.

The prices of diesel and petrol have risen 6.76 pence and 4.49 pence per litre respectively in the last month (mid-April to mid-May). This has resulted in an increase of £3.38 to fill an average diesel fuel tank, and an added £2.25 to the cost of a petrol tank refill.

Edmund King, AA President, attributed much of the price rise to the rapid increase in wholesale prices over the last 10 days. He said: “The price rises in recent days were of a magnitude only exceeded in the aftermath of Hurricane Katrina, when the price of petrol rose almost 3.5 pence in a week. With many UK families embarking on their holidays next week, the timing could hardly be worse.
 
“What alarms us most is the stream of comments coming from the industry and producers saying that oil is over-priced – the finger of blame being pointed at market speculators. Oil prices have doubled since last year and this is not just due to strong demand from China and other nations. While huge profits are made in the financial centres, an increasing number of car-owners are becoming desperate and businesses suffer from the hit on consumer spending.”

According to the association, supermarkets continue to offer the best value for fuel, with prices an average 2.5 pence cheaper for petrol and four pence cheaper for diesel.