Is your car your pride and joy, or are you ready for a change? Let us know and you could win a £300 John Lewis voucher | No thanks

Fuel prices set to rise as oil hits highest price in three years

Published 18 January 2018

Fuel prices are set to rise in the coming weeks as the cost of oil hits $70 a barrel for the first time in three years.

The average price of unleaded fuel in the UK currently stands at 121.5p-per-litre, with diesel at 124.4ppl – both having risen from a 2017 low of 114.33p for petrol and 115.02p for diesel.

This means that to fill the tank of an average family car, such as a Ford Focus, now costs around £67. Back in July 2017 the same tank would have cost £63.

The price of petrol has risen for the last two months, going up nearly 5p a litre since the start of November (diesel has risen 3p a litre in the same period). However, further rises are expected (around 2p a litre), with no drops in price anticipated for the first couple months of the year.

 >> Check what MPG your car should be getting

The RAC is fearful that $70 a barrel could become the new norm for 2018. Without a significant strengthening of the pound, this would keep wholesale prices high due to fuel being traded in dollars.

Supermarkets are often the cheapest places to get fuel. However, prior to the recent oil high, two supermarket retailers added 0.5p a litre to the prices in one day.

RAC fuel spokesman Simon Williams said: "Oil hitting $70 a barrel is potentially very bad for motorists who are already having to get used to paying 7p a litre more for petrol and 9p a litre more for diesel than they did last July."


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 £8,930.17

Total cost of credit £1,430.17


48 monthly payments

Apply now

Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

CarFinance 247 Limited is acting as an independent credit broker

Universal Square, Devonshire Street North, Manchester, M12 6JH