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The Markets
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Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
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The Markets
by Proactive
Proactive UK has moved.
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The Markets
by Proactive
Proactive UK has moved.
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Oil & Gas

Petrol prices head higher as oil costs surge

Petrol prices have begun rising once again, according to the AA, in line with an uptick in oil since December.

Come Friday, wholesale petrol costs had climbed by 3p a litre since Christmas, while diesel rose by 5p, the motor group reported.

Petrol prices averaged 137.2p per litre at the weekend, having sat as low as 134p in October, with diesel prices at 143.7p, against their low of 138.4p.

“Freezing temperatures and rising pump prices are a bad start to 2025 for drivers,” AA spokesperson Luke Bosdet commented.

The rise has coincided with a rebound in oil prices, driven by fresh US sanctions against Russia most recently, which saw benchmark Brent crude top US$80 a barrel on Monday.

“Any weakness in the pound won’t help because oil and fuel commodities are traded in dollars,” Bosdet added, after sterling hit a 14-month low against the dollar on Monday.

“We will be watching carefully to see the extent the fuel trade takes advantage of upward costs. What happened heading into winter didn’t fill drivers with confidence.”

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