Petrol prices ‘have drivers over barrel’

The price of petrol at the pumps has returned to near-record levels, the AA said yesterday.

The increase comes as European refinery profits have risen to a five-year high, the AA added. Petrol at UK pumps now costs an average of 139.71p a litre – within 3p of the 142.48p a litre record set in mid April.

Diesel costs an average 143.98p compared with the mid-April record of 147.93p.

By the start of July, petrol had fallen to a summer low of 130.81p and diesel to 136.12p.

The AA said that since then, the cost of a typical 50-litre tank refill has risen £4.45 and £6.29 for an 80-litre van tank. A two-car family is seeing its monthly petrol costs rise by £18.90.

AA president Edmund King said: “Once again, UK drivers find themselves being dragged over a barrel, as does business and Bank of England inflation targets.”