Petrol prices to soar to new high this weekend as 20.5million UK drivers hit the roads

FUEL prices are set to hit their highest level since November 2022 this weekend. Prices have shot up once again following renewed tensions in the Middle East, leaving drivers worse-off at the pumps. Petrol reached 159.5p a litre on average yesterday, having gone up more than 3p this week. The AA has now said it expects average prices to hit a new peak for the year this weekend. Sign up for the Money newsletter Thank you! Petrol costs previously peaked this year at an average of 159.7p at the end of May. Fuel prices had risen then after the Iran war broke out, pushing up wholesale oil costs globally. At the time, wholesale costs were exceeding 72p a litre. Renewed conflict in the region has sent oil and fuel levels shooting up again, but the wholesale cost of petrol is 3p lower now than in May. Petrol prices on the forecourts have not been this high since November 2022, after Russia invaded Ukraine. The fuel was averaging 159.9p a litre on November, 31. Most read in Money In the meantime, diesel costs have increased rapidly too and the fuel was averaging 178.2p a litre yesterday. However this is still well below this year’s peak of 192.4p in April. Comment now