Drivers rethink spending as fuel prices climb

Drivers in the West Midlands are rethinking their spending habits as fuel prices continue to rise.

Rising global oil prices have led to a significant increase in petrol and diesel costs, forcing motorists to cut back on everyday expenses.

Motorists are facing higher costs at the pump as global oil prices rise soaring fuel prices are forcing motorists to cut back on everyday spending and adding tens of thousands of pounds a week to business costs, with petrol at its highest level since November 2022.

Petrol prices rose to an average of 161. 3p per litre between July and August, according to the Office for National Statistics (ONS), the highest level recorded since November 2022, when Russia's invasion of Ukraine pushed up global energy costs.

Among those feeling the impact is Arvander Pabla in Willenhall, in the West Midlands, who drives a lot every day and says rising fuel costs have forced him to make cutbacks elsewhere. 'I do nearly 70, 75 miles per day, and it has really affected me price wise, because it has nearly gone double,' he said.

Arvander Pabla said rising fuel prices had forced him to cut spending on takeaways and eating out, and was considering replacing his car with a more fuel-efficient vehicle. Motorist Sue Willis said the rising cost of filling up was becoming increasingly difficult for households to absorb. 'It's absolutely ridiculous, how we are expected to keep paying for it, I don't know,' she said.

'How people are coping as families I don't know, I really don't know,' Sue Willis said. The cost of filling up was putting pressure on household budgets. At a petrol station in Willenhall, fuel retailer Shailesh Parekh said rising wholesale costs were affecting both businesses and customers. 'We certainly don't have any control over it, we just have to try and mitigate as much as we can the price increases,' he said. 'We do so by filling our tanks up when the prices are going up or delaying the purchase of fuel when prices are going down. ' Fuel retailer Shailesh Parekh said customers were buying fewer litres as prices rise.

The increase comes as conflict in the Middle East continues to disrupt global oil supplies. The price of a barrel of oil has risen to about $91, compared with $73 before hostilities began earlier this year. Overall, motor fuel prices increased by 23% compared with August last year. Rising fuel costs are also contributing to inflation, increasing pressure on the prices of other goods and services.

Among the businesses most exposed are haulage firms. BJS