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Motorists hit by fourth month of fuel price rises

Published 05 July 2016

Motorists are paying almost £6 more for a tank of fuel than they were in March, according to a new study from the RAC. 

RAC Fuel Watch shows that unleaded has increased by 10p-per-litre from 101.9p at the start of March to 112.1p at the end of June, while diesel has jumped by 11p over the same period, from 101.5p to 112.3p. 

"June was another bad month for motorists with the price of petrol going up again," said RAC fuel spokesman Simon Williams. "Filling up with unleaded is now £5.64 more expensive which is enough to make an unpleasant dent in household budgets up and down the country."

The rising cost of Brent Crude has been blamed for the higher prices, with a barrel of oil increasing by $10 over the first six months of 2016. Prices peaked at $50 in June, resulting in a 1.5p-per-litre increase in unleaded, while diesel rose by 1.66p. Prices could rise by a further 2p-per-litre in the coming days, after experts declared that the dramatic fall in the pound was set to hit motorists in the pocket.

There is some good news though: oil prices are predicted to remain stable over the coming months and could even drop again as stability returns to the financial markets, following the chaos of the Brexit.

“Oil price looks likely to stay around the $50 mark for some time due to OPEC’s continued over production strategy,” says Williams. “There is also a hope that prices might even fall once various issues that have hindered production around the world are resolved.”  

Want to buy a car with the lowest fuel cost? Use the Honest John Fuel Cost Calculator

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