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Drivers were hit by one of the \u00adbiggest monthly fuel price rises in more than two decades in August.<\/p>\n
The RAC said the 7p per litre spike in the average cost of petrol was the fifth largest monthly increase in 23 years.<\/p>\n
And the 8p per litre hike in \u00addiesel prices was the sixth largest over the same period.<\/p>\n
Rising pump prices are being caused by an increase in the cost of oil, which has gone up by nearly $12 a barrel since the start of July to nearly $87 due to producing group Opec+ \u00adreducing supply.<\/p>\n
This led to the wholesale cost of fuel \u2013 what retailers pay \u2013 going up, which has been passed on to drivers
at forecourts nationwide.<\/p>\n
READ MORE <\/strong> First look inside stunning new Mercedes EV that rivals your petrol car<\/strong><\/p>\n RAC fuel spokesman Simon Williams said: \u201cAugust was a big shock to drivers as they had grown used to seeing far lower prices than last \u00adsummer\u2019s record highs.<\/p>\n \u201cSeeing \u00a34 or more go on to the cost of a tank in the space of just a few weeks from a pump price rise of 6-7p a litre is galling, particularly for those who drive lots of miles or run an older, less fuel-efficient car.<\/p>\n \u201cWhile the increase is clearly bad news for drivers, it could have been far worse had the biggest retailers not let their inflated margins from \u00adearlier in the year return to more \u00adnormal \u00adlevels as wholesale fuel costs \u201cAll we can hope is that this move by many big retailers back to fairer forecourt pricing remains when wholesale costs go down again. Only time will tell.\u201d<\/p>\n In July the Competition and Markets Authority said the rise of pump prices since 2019 was due to a \u201ca decision by the traditional price leaders to compete less hard.\u201d Supermarkets took the step of \u00adbringing prices down by half a penny during August compared to company-branded retailers \u2013 but diesel costs soared at a similar level.<\/p>\n The situation led Asda to publish fuel prices at its pumps online \u2013 it was the first supermarket to do so.<\/p>\n A voluntary scheme has been touted for other supermarkets to \u00adfollow suit.<\/p>\n European gas prices also went up by nearly a fifth as Australian workers prepared to strike if no deal is reached in pay talks on Wednesday.<\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/24\/590x\/secondary\/4941462.jpg?r=1693774779401\")
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went up.<\/p>\n