The price of gasoline has increased in the international market, reads the recet article of BBC.

“Motorists will have noticed that the price of petrol and diesel has been creeping up in recent weeks. These rising costs may pile further pressure on families whose budgets are already being squeezed.

What is happening to petrol prices? --- Petrol and diesel prices have been on a rollercoaster ride this year. Recent data from 13 August puts petrol at an average of 149.1p per litre on UK forecourts. In just two weeks, it has shot up by more than 4p and it marks the highest price seen since February. Diesel stands at an average of 150.6p per litre - a level not seen since late May.

Although it now costs about £82 to fill up a 55-litre family car, prices have fallen back from the record highs seen last summer, which were sparked by Russia’s invasion of Ukraine. Luke Bosdet, the AA’s spokesman on road fuel prices, said that this recent surge would, however, “lump pressure back on diesel users, particularly on small businesses”.

Why are prices going up now? --- Fuel prices in the UK move together with changes in the price of crude oil - which it is made from. They are also affected by the exchange rate between the pound and dollar, as crude oil is traded in dollars. A weaker pound would mean that fuel gets more expensive.

Oil prices have risen in recent weeks as producers have tried to restrict output. Oil rich nations such as Saudi Arabia and Russia that form part of a group called Opec+ have cut back production. They are grappling with slow demand as economies around the world struggle with high prices and the adjustment after the Covid pandemic.

The West has accused Opec of manipulating prices. As the biggest exporter and the leader of the pack, Saudi Arabia wants oil prices to stay elevated to make sure it has a steady stream of income while it tries to diversify its economy.

Livia Gallarati, an oil markets analyst at Energy Aspects, said that prices could grind higher still because of supplies being dented. She suggested Brent crude, the international benchmark for oil prices, could even move above $90 per barrel. Supplies have also been affected by recent outages at oil refineries across the United States and Asia.

Oil prices jumped following Russia"s invasion of Ukraine, with Brent crude hitting more than $120 a barrel in June 2022. Russia used to be one of the world"s largest oil exporters, but that was before punishing sanctions were imposed by the West. After peaking in summer last year, oil prices fell back to a little above $70 a barrel in March this year amid concerns over weak demand”, - writes BBC.