Enter Honest John's Kit Competition An awesome prize is up for grabs every week | No thanks

Fuel price hike adds £5 to the average fill

Published 05 October 2016

Drivers are now spending £5 more on fuel than they were at the beginning of the year. September saw pump prices increase for the second consecutive month, pushing petrol and diesel to a 2016 high.

Data from the RAC shows that an average litre of petrol is now 112p-per-litre, while diesel has crept up to 112p-per-litre. The report shows that supermarket prices both rose faster than average forecourt prices, with unleaded up 1.1p and diesel up 0.71p.

Brexit and an increase in the wholesale cost of oil has been blamed for the price hike, with the former causing the value of sterling to slide to a 31-year-low against the dollar. The pound is also at a four-year-low against the Euro, which has made it more expensive to import fuel in to Britain. 

The price of a barrel of oil, the biggest variable affecting UK fuel prices, went up 8.0 per cent finishing the month at $48.35 a barrel and a little way off the 2016 high price of $50.73 that occurred in early June.

The price rise means it now costs on average £61.63 to fill up an average-sized 55-litre petrol family hatchback, which is just over £5 more per fill-up than at the start of the year. To fill an equivalent diesel vehicle costs £62.34, around £4 more than it did in January. 

RAC fuel spokesman Simon Williams said: “A higher oil price, combined with a weakening pound, is forcing up wholesale fuel prices: the wholesale price of diesel is now nearly 9p higher than it was at the start of August, and petrol 7.4p higher. The effect of this to date has been gradually rising pump prices."

Comments

Tenchman7    on 5 October 2016

There is a glut of oil since Iran came in from the cold! Life is a con!
The price is being forced up by unscrupulous traders and oil giants holding their stock back to fix the price higher than it should be!!
For the want of different wording! This is curruption on the world-wide stage...........................better get the pushbike out again?

Add a comment

 

Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £9,304.93

Total cost of credit £1,804.93

£155.08

60 monthly payments

Apply now

Representative example

The Representative APR is 13.2% (fixed) so if you borrow £7,500 over 4 years at a rate of 13.2% p.a (fixed) you will repay £199.21 per month and repay £9562.20 in total.