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February Fuel Price Rises

Pump prices for both petrol and diesel rose in February marking the end of a three month period of reductions. During the month average petrol prices rose an extra 0.88p to 120.42 pence per litre whilst diesel prices climbed by 1.24p to an average of 129.99 pence per litre. As a result of the latest price rises, the cost of filling up an average 55-litre family car now costs on average £66.23 with petrol and £71.43 with diesel.

The price rises have been attributed to a 5% increase in the price of oil, adding $3 to the barrel price over the month. This led to an average barrel price of $65.13 by the end of February with a maximum price of $67 at one point. This level of high pricing has not been seen since November 2018.

The increase in the cost of crude oil has been caused by OPEC production cuts in partnership with Russia. Many retailers have also been holding off price increases on fuel for many weeks but were driven to increase the cost once wholesale prices began to climb.