Filling up a family car is up to £12 more expensive than it was less than two years ago.
Petrol and diesel prices have hit their highest level in three years in a blow to millions of motorists preparing to drive home for Christmas.
A rise of 2p last month has pushed up the cost of a tank of unleaded by £3.55 to £66.43 and a tank of diesel by £4.50 to £67.75 since July.
Rising oil prices have made a significant dent in household finances over the longer term.
Last month a litre of unleaded went up from 118.43p to 120.78p and diesel rose from 120.96p to 123.18p as a result of oil spending the whole month above the $60 a barrel mark
Filling up a tank of unleaded is now £10 more expensive than it was in February 2016.
The impact has been even more pronounced on diesel drivers, with a tank £11.65 more expensive.
Last month a litre of unleaded went up from 118.43p to 120.78p and diesel rose from 120.96p to 123.18p as a result of oil spending the whole month above the $60 a barrel mark.
In February 2016 both fuels were an average of 102p a litre.
The figures – published by motoring group the RAC – show motorists are feeling the squeeze despite Chancellor Philip Hammond’s recent budget decision to continue the freeze on fuel duty.
Household finances are already under pressure with inflation remaining at a five and a half year high of 3 per cent, driven by a steep increase in the cost of food and non-alcoholic drinks.
Drivers have also been hit by soaring motor insurance premiums, which have surged by ten per cent over the last year according to the ABI. This has pushed up the average policy by £45 to £485.
Simon Williams, the RAC’s fuel spokesman, said: ‘Motorists have already been hit hard this year by the price of insurance going up significantly so many will be all too aware that the cost of filling up their cars is a lot more expensive today than it has been for three years.
‘This offers little cheer in the run-up to Christmas when many will be expecting to have to fuel up more often than normal as they prepare to make long trips to see friends and family over the festive period.’
A rise in fuel retailer’s wholesale costs as the oil price has rebounded has filtered through into a hike in costs at the pumps.
Fuel retailers have been criticised for being quick to pass on increases in wholesale costs to motorists while being slow to pass on savings.
But fuel prices have been kept in check to a certain extent by the strengthening pound – as oil is traded in US dollars.
Experts say the price paid at the pumps hinges on the impact of actions taken by the oil producing cartel – the Organisation of the Petroleum Exporting Companies (Opec).
It recently took the decision to maintain restrictions on the production of oil until the end of next year in an effort to prop up oil prices.
The figures – published by motoring group the RAC – show motorists are feeling the squeeze despite Chancellor Philip Hammond’s recent budget decision to continue the freeze on fuel duty
This is likely to lead to a rise in fuel prices for motorists.
But according to the RAC, the Opec’s efforts to slash production could simply lead to the US ramping up fracking for oil.
It said this should mean that forecourt prices will not go shooting up.
In the short term, retailers are also set to cut prices in a desperate bid to attract Christmas shoppers.
Morrisons yesterday slashed 10p a litre off fuel over the festive period for anyone who spends at least £50 in its stores.
This will save £5.50 on the cost of filling up a typical family car.
The deal will be available to customers – although not those who shop online – until next Monday.
Customers will receive a voucher that will allow them to pay the lower price until December 18.
The supermarket offered the same deal to pull in shoppers over the Black Friday shopping period last month.
Other supermarkets are expected to follow suit.