Cost of petrol sees biggest jump in 17 years as full tank to soar above £100 for first time

The government could name and shame fuel retailers failing to pass on the fuel duty cut. Credit: PA

The price of petrol has seen its biggest daily jump for a record 17 years and the cost of a full tank is set to surpass the grim milestone of £100 on Thursday.

As a result of the soaring prices, fuel retailers failing to pass on the fuel duty cut announced in March could be named and shamed, Downing Street indicated.

On Tuesday, the average price of a litre of petrol at UK forecourts reached a record 180.7p, according to data firm Exprerian Catalist.

And the 2.2p increase from Monday was the largest daily jump in 17 years, according to the RAC.

A further rise of just 1.2p will take the average cost of a full tank for a 55-litre family car to more than £100 for the first time.

Average diesel prices are also at a record high, after they hit 186.6p on Tuesday - up 1.4p from Monday.

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RAC fuel spokesman Simon Williams said: “A full tank of unleaded has now shot up to £99.40, moving us ever closer to the milestone £100 petrol fill-up – an unfortunate landmark we may reach as soon as today.

“Asda hiked its average petrol price nearly 5p a litre in a single day, which is unheard of.

“These are unprecedented times in terms of the accelerating cost of forecourt fuel.”

He added that “we are still some way from the peak” as it will take several days for an unexpected fall in wholesale costs on Tuesday to be reflected in pump prices.

On Wednesday, a care home manager told ITV News how the rising cost of fuel means her staff can no longer afford to travel to people's homes, and they are beginning to leave the profession altogether.

Susanne Wild says the rising cost of fuel has left her staff in an impossible situation

There is continued concern in government that the 5p cut implemented by Chancellor Rishi Sunak to tackle the rising cost of living is still not being reflected in pump prices at all filling stations.

Boris Johnson's official spokesman said: “We are continuing to look at all possible options. Transparency may have an important role to play.

“It is important the public understand what actions each of the fuel retailers are taking and so we are considering what further options we can take in this area.”

Fuel prices are continuing to creep up. Credit: PA

The PM's spokesman added that the Competition and Markets Authority (CMA) has the power to launch an investigation into whether the duty cut has been passed on - something the government would "wholeheartedly support".

“We know that there has been variation in that and we do want to see it passed on at all petrol stations. We are not confident that that is happening across the board,” the spokesman said.

AA spokesman Luke Bosdet said: “Yesterday’s more than 2p-a-litre leap in average UK petrol prices is a huge shock, and fuels concern that speculation of a £2 litre just gives the fuel trade licence to pile on extra cost and misery.

“The government needs to act fast to rein in these excesses."