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Analysis from the AA shows petrol prices increased to 146.27p a litre yesterday in the sixth successive weekly price rise. Meanwhile, diesel prices hit a massive 149.58 pence per litre in the fourth consecutive rise.

The costs mean prices are now just a penny shy of the highest ever pump prices set back in November 2021.

Petrol hit 147.72p with diesel at 151.10p before prices slowly fell away.

Costs had dropped by around two pence per litre over the last two months, falling to 145,53p on January 4.

However, experts at the AA have warned costs could have dropped even further as wholesale prices plummeted by around 10p per litre.

AA analysis of wholesale prices shows costs were around 43.36p per litre at the end of November, just days after the record pump prices.

This has jumped to around 52.07p per litre, the highest since November 8.

Luke Bosdet, AA fuel price spokesman has warned the fuel trade has got away with “bloated margins” in a blow to petrol and diesel drivers.

He said: “Record petrol prices at the pump were generated by wholesale costs above 54p a litre.

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“Even this week, costs that will feed on to forecourts soon are still 2p below that.

“Yet, what UK drivers are typically paying for petrol now is 1.5p shy of those record prices.

“The fuel trade, having got away with bloated margins over the past two years, is pumping more profit out of them.

“Much of that is down to very much diminished fuel price competition at supermarkets.

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