Drivers paying price for weak pound as petrol and diesel rise to two-year high

 

The average price of petrol in the UK has reached £1.20 per litre for the first time since December 2014, Government figures show.

Filling up a typical 55-litre family petrol car now costs £66, compared with £56 in March last year.

Diesel is also at its most expensive level since December 2014, at £1.23 per litre.

The weaker value of the pound and a recovering oil price sadly means motorists are now paying more for their fuel than they have done in over two years.

Looking back to December 2014, it was a very different, much brighter picture, as the oil price was consistently falling, going from 70 US dollars to 55 US dollars in the month and the exchange rate was 1.55 US dollars.

Today, however, oil has risen to 55 US dollars a barrel and the pound is worth just 1.25 US dollars, which means with fuel traded in dollars, the cost of filling up has once again become a far greater financial burden to drivers.