DRIVERS have been hit by one of the biggest monthly fuel price hikes in 23 years – it’s now up to £4.40 more expensive to fill up.
Petrol rose nearly 7p a liter and diesel 8p in August as wholesale oil prices rose.
The RAC’s Fuel Watch tracker shows that increases have only been eclipsed three times since 2000 – the last time immediately after Russia’s invasion of Ukraine last year.
But for once, the gains appear to be a good reflection of rising wholesale costs – and not just an excuse to boost profits.
Supermarkets were criticized earlier this year for keeping pump prices high even as costs fell – overcharging drivers by £900million.
A Pumpwatch name and shame list is now being introduced.
The RAC, which has an app listing best prices by region, said: “August was a big shock to motorists.
“But it could have been a lot worse.
“We can only hope that this move by many large retailers towards fairer forecourt prices will continue as wholesale costs come down again.
“Only time can tell.”
Elevated transport costs also risk pushing up supermarket prices and thwarting Rishi Sunak’s key pledge to halve inflation to 5 percent by the end of the year.