There is no end in sight to rising fuel prices but supplies are “stable”, according to an industry body.
The Petrol Retailers Association, which represents the majority of UK operators, told Sky News that the price rises faced by forecourts have risen sharply again last week and will continue to trickle down to the pumps.
It pointed to data from S&P Global’s Platts division showing diesel continued to be impacted by wholesale increases, which rose by an average of $258 a tonne during the week.
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Petrol price increased by $2.
Upward pressure on diesel prices is high as the country imports most of its use while most petrol is refined domestically.
Competition for diesel has increased globally due to pressure applied on supply middle east war.
The PRA’s executive director, Gordon Balmer, said: “There is no suggestion of a shortage. Supply is stable”.
But he added: “(Pump) prices will continue to rise” as retailers buy up their fuel stocks in the coming weeks.
Data on where the average pump cost is is expected later.
RAC motoring group said last Friday that petrol had risen by 12p a liter since hostilities began in late February.
The diesel figure was double this.
The RAC estimates that by Easter the average price of a liter of unleaded is likely to reach 150p and diesel possibly 180p.
Mr Balmer thought averaging around those levels might be seen before then as fuel operators grapple with rising wholesale costs and cannot sell at a loss.
The government has indicated it is looking carefully at forecourt margins while exploring ways to help mitigate fresh energy-led price increases that are putting consumers and businesses at risk.
A barrel of Brent crude is currently up 60% this month. The natural gas figure is more than 100%.
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Ministers are being urged to help drivers and families by reducing the burden of tax imposed on fuel sales and energy bills.
On the fuel front, tax generally accounts for about half of the cost of filling up.
As things stand, the 5 paise per liter cut in fuel duty by the previous government will start ending from September.
Confirming his plans on Sunday night for a meeting of the government’s COBR committee focused on the cost of living, a spokesman said: “As the Chancellor said in Parliament, the extent of the economic impact of the situation in the Middle East will depend on its severity and its duration.
“The Government will be responsive to an uncertain world, and will always act responsibly in the national interest.
“The Government is already working to prioritize vulnerable households and businesses, taking action on the cost of living and inflation, building on the stability the Government has restored to the public finances.”
