IT IS BAD NEWS FOR DRIVERS

Fifth largest jump in 23 years fuels business concerns

- JACKIE GRANT

DRIVERS already struggling with the cost-of-living crisis were hit hard by one of the biggest monthly fuel price rises in more than 20 years.

The RAC said the 7p per litre spike in the average cost of petrol last month was the fifth largest monthly increase in 23 years.

The 8p per litre hike in diesel was the sixth largest over the same period.

The RAC said rising pump prices are being caused by an increase in the cost of oil, which has gone up by nearly 12 US dollars a barrel since the start of July to nearly $87 (£69) due to producing group Opec+ reducing supply.

This led to the wholesale cost of fuel what retailers pay going up, which has been passed on to drivers at forecourts.

RAC fuel spokesman Simon Williams said: "August was a big shock to drivers as they had grown used to seeing far lower prices than last summer's record highs.