Drivers are being encouraged to fill up their cars with petrol this weekend with prices at the pump set to increase after the cost of oil hit a two year high.
RAC figures indicate oil has reached $60 a barrel for the first time since July 2015, leading to concerns motorists will be hit hard when they go to fill up.
Car owners are now being warned to steel themselves for an increase in petrol prices from as early as next week with the 4p a litre hike in wholesale prices set to be passed on to consumers, the Mirror reports.
On average, drivers are paying 118.17p a litre for unleaded fuel while those driving diesel cars have already seen the cost jump from 120.21p a litre to 120.8p month-on-month.
But a barrel of oil has leapt 9% in a month from $55.98 to $60.98 meaning a squeeze on motorists’ budgets is “imminent” the RAC said.
The organisation’s fuel spokesman Simon Williams added: “It’s very worrying - we would expect a rise of a penny or so a litre. While it’s difficult to predict how much petrol will go up by, it will go up next week so filling up this weekend is not a bad idea.
“At the start of October there was a 6p saving in the wholesale price of unleaded which retailers eventually passed on to motorists in pump price reductions. This month, however, the situation is reversed and the petrol wholesale price has gone up.
“Inevitably, this increase will be passed on to motorists on the forecourt far more quickly than the cuts were made last month, but that is unfortunately the nature of ‘big’ fuel retailing - pass on wholesale rises quickly and cling on to savings for as long as possible.
But with Chancellor Philip Hammond’s Autumn Budget less than three weeks away, the RAC is urging him to freeze fuel duty rather than pile on the misery for motorists.
Mr Williams said: “Eyes will switch to the Chancellor who delivers his Budget this month, and with higher wholesale costs filtering down to the forecourts, the last thing they’ll want to see is an increase in fuel duty. We urge the Chancellor to resist this and leave the rate unchanged.”