Logistics companies could be facing yet another fuel price hike in the UK.

According to the AA, a sharp increase in wholesale costs and a depreciating pound have led to the latest rise.

Petrol prices rose from 134.61p to 135.78p in the past month, while the going rate for a litre of diesel is now 140.24p - up by more than 1p on mid-June.

AA president Edmund King again placed a sizeable portion of the blame on fuel price speculators and the latest round of increases could dampen the feel good factor that the recent spell of good weather has brought to the UK.

"It was perhaps inevitable that oil and fuel market speculators would cast a black cloud over what was promising to be a glorious summer," he commented.

This announcement came shortly after the Office of Fair Trading confirmed it would not launch an inquest into oil price processes - a decision that has baffled lobby group FairFuel UK, among others.