Petrol prices hit their highest level for almost eight years during June, according to new figures from the RAC. The motoring organisation’s Fuel Watch initiative found average petrol prices increased by 2.7p a litre at the end of last month, while diesel prices were up by 2.5p per litre.

That left petrol prices at 132.19p per litre come the end of June – a price last seen in October 2013 – while diesel prices hit 134.34p per litre. That’s the highest they’ve been for two years, getting close to the previous high of 134.34p in June 2019.

According to the RAC, that means petrol prices have risen by 18p since November 2, 2020, when a litre cost 114.12p. That’s an average of more than 2p per month, and it means the cost of filling a typical family car’s 55-litre fuel tank with unleaded has risen by £10. In June alone, that price rose £1.50 to £72.20. Similarly, the average price of a 55-litre diesel fill-up also shot up by £1.40 to £73.88.

Man filling petrol fuel in car holding pump nozzle

The organisation says June’s pump prices have soared as a result of a 10-percent increase in the cost of oil. Where a barrel was worth $69.37 (around £50 at current exchange rates) at the start of June, the value rose to $76.12 (£55) at the end of the month. As a result, the wholesale prices of petrol and diesel (the amount retailers pay to stock the fuel) have risen by 3p and 2p respectively, leading forecourts to pass that cost onto customers.

“June proved to be a shocking month for drivers with the eighth straight monthly rise at the pumps and a return to 132p-a-litre petrol – something we haven’t seen since October 2013,” said RAC fuel spokesman Simon Williams. “And if an 18p-a-litre hike in cost over eight months isn’t bad enough, it’s hard to see the increases coming to an end as the price of oil seems to be going up and up, with $6 being added to a barrel in June alone. Compared with a year ago, oil is now $35 more expensive.

“What’s even more worrying is that some analysts are predicting an oil deficit by the end of the year, which could mean further relentless price rises in the coming months. If oil and fuel prices continue to go up, the UK’s staycation summer could end up being very expensive for millions of people.”