European drivers will begin paying more at the pump in the coming weeks ahead of the peak summer driving season, although industry experts forecast prices are unlikely to hit last year's record levels. Unseasonably mild temperatures in Europe and the United States have capped oil demand and pushed petrol prices lower this winter.

International gasoline prices have shot up in recent weeks as refiners prepare for the seasonal spike in motor fuel demand. "We are beginning to see forecourt prices back up again after substantial decreases in the crude and product prices earlier," said Ray Holloway, director of the Petrol Retailers Association.

As of last week, UK unleaded petrol prices averaged 87.01 pence per litre. That is up slightly from the 86.9 pence per litre average in the last 30 days, according to the UK motorists' body the Automobile Association (AA). "We won't see the forecourt fuel price accelerate much until well into March, which is when we get the first reports of gasoline stocks for the driving season," Mr Holloway said. Analysts did not expect pump prices to match levels seen last year. UK prices hit an all-time high of 98.5 pence per litre last summer following a surge in global crude prices to nearly $80 a barrel.

"I don't think we will see pump prices at those levels this year, but you can never discount short-term political upheavels," said Stephen Brooks, an analyst at Wood Mackenzie. On the Rotterdam barge market, prompt gasoline traded up to a two-month peak of $567 a tonne on Thursday, 23 per cent up from $460 on January 18.