Shell, Esso, BP, Tesco and Texaco warn of record petrol prices next week

Motorists are being warned to face another hike in costs at the petrol pump from next week.

The Petrol Retailers Association (PRA), which represents about two-thirds of forecourts across the UK, said prices are expected to jump again due to rising wholesale costs.

Chairman Brian Madderson predicted the 142p per litre for petrol and 148p for diesel record set in April 2012 is “almost certain to be eclipsed before the end of October”.

READ MORE: Warnings of ‘terrifying’ food and drink price rises for the UK this Christmas

It comes as new figures from the Department for Business, Energy and Industrial Strategy show petrol station stock levels have fully recovered from recent shortages.

Filling station storage tanks were an average of 45% full at the end of the day on Sunday – the highest amount since May.

Stock levels dropped to a low of 15% on September 25 due to panic-buying which saw many filling stations run dry.

London and the South East were the slowest regions to recover from the shortage, but their petrol station storage tanks were an average of 42% and 45% full on Sunday.

The figures also show that sales of fuel have slowed from an average of 35,900 litres per filling station on September 24 to 11,800 litres on Sunday.

The latest Experian Catalist data – which tracks petrol prices – showed average costs of 141.35ppl and 144.84ppl on Tuesday.

The Petrol Retailers Association has blamed rising wholesale costs for the situation
The Petrol Retailers Association has blamed rising wholesale costs for the situation

Mr Madderson said that Brent could hit $100 a barrel by Christmas, reports The Mirror.

He explained: “The primary reason is the rise and rise of crude oil costs which recently hit $85/barrel for Brent crude.

“This involves more than a 50% increase since January 2021 and has been caused by a cutback in production from OPEC countries and Russia at the same time as the global economies are staging a rapid economic turnaround from the global pandemic.”

He told Sky News: “Current average pump prices across the UK are being softened by some of the largest retailers who typically benefit from a three or even four-week lag to their delivered fuel prices.

“Only last week, two major grocery retailers in Belfast were vying for business by offering fuel at below standard wholesale cost with pump prices as low as 125.9ppl for petrol and 130.9ppl for diesel.”

Earlier this month, motoring body the RAC accused some forecourts of taking advantage of the situation. It said a “small number” were profiteering on the shortage of fuel.

Drivers reported being charged 154.9p a litre at a forecourt where the advertised price was 134.9p.

Inflation figures released on Wednesday showed the cost of living remained above 3% last month, fuelled largely by a petrol and diesel shortage.

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