Drivers feel the pinch as the price of diesel hits a two-year high of £1.22 a litre
- Petrol pump prices were 119.7 pence per litre
- Fuel rising steadily on the back of a doubling of the cost of crude oil
The cost of diesel has reached its highest level in more than two years, after both petrol and diesel prices rose for the fourth month in a row.
UK drivers are paying an average of 122.1p per litre for diesel. The last time motorists faced prices this high was in December 2014.
Meanwhile petrol prices are 119.7p per litre now - the highest level since September 2015, according to the figures from motoring research charity, RAC Foundation.
Rising: Diesel prices climbed by around 122.1 per litre within the last month
The weak pound is one of the causes of the price rises, as oil is priced in US dollars, which have been strengthening against the pound.
Much of the price increase is also down to the substantial price of wholesale Brent crude oil on international markets.
Recent higher prices at the pumps have been triggered by a historic deal to cap production, agreed in November.
The Organisation of the Petroleum Exporting Countries, the global cartel that controls a third of crude production, agreed to cut output by 1.2million barrels a day to 32.5million barrels.
As a result, the cost of a barrel of oil has gone up from around $45 in mid-November to $56 by the end of December.
OPEC's oil production freeze could push pump prices even higher.
The RAC warned that a continued production stall and the slumping pound could combine to hammer British drivers' wallets.
Fuel spokesman for the motoring group, Simon Williams, said: 'If in the months ahead the barrel price was to get nearer to $60 and the pound was to weaken further then that would be the worst possible combination for motorists'.
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