Fuel prices in the UK increased sharply in the Month of August, for the first time since the start of the year.
Prices for both petrol and diesel increased drastically despite close scrutiny of fuel prices at a time when the country is facing a high cost of living.
According to the motoring organization, RAC, motorists in the UK were hit by one of the sharpest jumps in fuel prices in more than two decades in August 2023.
The average cost of filling a tank increased by roughly £4 ($5.05) (KSh733) in August, with unleaded petrol rising by almost 7 pence a liter and diesel by 8 pence, the RAC said in a statement.
The increase could have been even higher if major retailers had not allowed margins to return to normal levels.
According to RAC Fuel Watch, the prices could have been set higher by retailers and filling stations.
“Fortunately for drivers, they have clearly been influenced by the Competition and Markets Authority’s investigation as, all of a sudden, margins are once again closer to their longer-term averages,” drivers’ spokesman Simon Williams told news reporters.
The sudden increase in fuel prices shocked drivers who were looking back to lower fuel last summer.
The cost per barrel of oil rose $12 (KSh1759.20) between the start of July and the end of August, a move attributed to OPEC producer nations reducing supply.
RAC fuel watch suggested that the fuel prices were influenced by several factors including the Chinese economy and the end of the US summer driving season.