Pump prices for UK diesel and gasoline up 0.5% week-on-week

London (Quantum Commodity Intelligence)  - Pump prices for diesel and gasoline in the UK have surged 0.5% week-on-week amid the rally in crude, data from the UK's Department of Business, Energy and Industrial Strategy showed Tuesday.

Diesel prices averaged 131.03 pence per litre and gasoline prices averaged 127.19 pence per litre over the week to May 17, up 60 and 68 pence respectively from the week to May 10.

At the start of the year, diesel and gasoline prices were just 119.97 and 115.39 pence per litre.

Prices will likely increase again if Brent holds above $70/b, with today's (Tuesday, May 18) price up around $2/b from the week to May 17.

The UK's Office of National Statistics will release its latest inflation figures on Wednesday, May 20, which analysts expect will show a jump from 0.7% to about 1.4%.