Petrol prices rise by biggest amount since 2013

3 November 2016
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The price of petrol rose by more in October than at any time since February 2013, with diesel rising at the fastest rate since May 2008, data from the RAC’s latest Fuel Watch report shows.

A combination of a weak pound since the UK’s EU referendum vote and rising oil prices have contributed to average petrol prices rising by 4.37p per litre, from 112.34p on 2 October to 116.73p on 31 October.

Diesel meanwhile was up 5.17p per litre, ending the month at 118.65p on average, having begun the month at 113.48p.

 

This means it now costs £64.20 to fill an average-sized 55-litre petrol family car, with a similar diesel car costing £65.25 per tank to fill.

The average price of both fuels at the forecourt are also now at their highest levels since July 2015.

Pump prices may fall in November

But the RAC says there are indications that pump prices might stabilise or even reduce slightly in November, as the cost of oil fell back in the last few days of October. A barrel of Brent crude averaged just under $50 through the month but ended October at a one-month low of $46.63, according to the motoring firm. 

RAC fuel spokesman Simon Williams says: “Certainly, we are a long way from the remarkably low fuel prices enjoyed by families and businesses early in 2016, when the average price of unleaded was around 102p per litre and diesel was 101p. But while the pound remains in the doldrums, and with few expecting it to recover in the near future, there are some indications that November might not shape up so badly.”

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