PETROL prices have jumped to their highest level in 7½ years.
The AA said drivers were feeling “bent over a barrel” after average pump prices hit 132.19p on Wednesday.
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It means the cost of filling up a tank of 55 litres is now typically £72.70.
The last time petrol was higher was in October 2013 when it cost 132.28p.
Diesel is an average 134.32p — its highest since June 2019.
It comes as investors pushed up the cost of crude oil ahead of this week’s meeting of the world’s biggest producers. A report said output could start rising in August.
Yesterday Brent crude jumped one per cent to $75.82.
Luke Bosdet, the AA’s fuel price spokesman, said: “Another speculator-driven surge in oil and commodity fuel prices will once again heat up driver anger.
“With travel abroad so badly disrupted, car traffic still down on pre-pandemic levels and Covid flare-ups being reported around the world, what’s happening with oil and pump prices doesn’t really make sense to a UK motorist.”
He suggested more drivers should look at switching to electric vehicles.
Currently they are 7p a mile cheaper than petrol at standard charge rates, and 10.5p a mile cheaper at off-peak
He added the move would let drivers “liberate themselves from fossil fuel price shocks”.
That in turn would mean “no more being bent over a barrel by speculators and the fuel trade”.
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