Reports shows that falling petrol prices have Uturned and risen to May levels spelling the end of weeks of declining pump prices for motorists meaning the summer of falling petrol prices has come to an end as unleaded has jumped back to levels last seen here in Penrith in May.
Unleaded today is back up to 145p to 151p a litre in Penrith, which was last seen almost three months ago when prises fell sharply after the winter peak of the fuel price rises.
Prices today across Penrith have a 6p a litre difference and will comes as a huge blow to families embarking on their summer holidays and comes in the wake of fuel consumption returning to pre-pandemic levels this month.
The rise is primarily as a result of the hike in oil prices which jumped by more than $5 a barrel, from below $80 to $85 a barrel.
The rise in the cost of a barrel has been quickly been reflected in wholesale petrol and diesel cost increases in the latest example of rocket and feather pricing facing consumers where retailers are quick to pass on increases but slow to cut prices when wholesale costs fall.
According to data from the RAC Fuel Watch, a litre of unleaded across the UK increased to 145p, a 2p rise since the beginning of June. This comes on the back of a 6p a litre rise in wholesale prices since 19 July.
However here in Penrith prices at the pump are above the national average with the most expensive price at the pumps in Penrith for Unleaded today at £1.51 and Diesel at £1.53.
In other parts of Cumbria unleaded today is already costing an eye watering £1.93 at the pump.
RAC fuel spokesman Simon Williams said: “July marks a turning point in the year for fuel prices as diesel stopped falling while petrol recorded its second consecutive monthly increase. While we’re fortunately not in the kind of upward price spiral, we experienced last year, it feels like the better times at the pump are over for the time being.”
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