Average retail prices for petrol and diesel increased during November and reached record highs with petrol at 147.72ppl on November 21 and diesel having reached 151.1ppl a day earlier, according to analysis by RAC Fuel Watch.
Gains in fuel prices have been driven by a surge in crude prices, but early signs suggest the demand of road fuels is fading.
FairFuelUK has renewed its call for a cut in fuel duty, pointing out that the Treasury is currently receiving a windfall from the record high prices for petrol and diesel.
The health of the European refined products market is steadily improving as vaccine roll-outs continue to gather pace and demand slowly returns, but plenty of hurdles remain before the industry can breathe a sigh of relief.
Low refinery runs and firm export demand have tightened European road fuel supply this winter, even as strict Covid-19 travel restrictions returned. European refineries responded to the return of Covid restrictions by slashing runs on an unprecedented level.
Fuel prices - January 2021
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