Fuel prices rise again for the fourth successive month

Published Date: 7th Jul 2016

According to RAC Fuel Watch the average price of petrol rose in June by 1.5p per litre to 112.17p total and diesel rose by 1.66p to 112.39 pence per litre total. Back in March this year the average price for both diesel and petrol was around 101p per litre with some supermarkets offering fuel below the £1 per litre mark.

Despite the ongoing rise in fuel prices on average we’re still paying less than this time last year at 116p per litre and you would have to go back to 2009, to find prices cheaper when it was at 102.5p for June.

The increase now means the cost of filling up the average family car with petrol is almost £6 higher than it was at the beginning of March, £61.69 compared with £56.05 four months ago.

What Effect Has Brexit Had?

The wholesale value of fuel only increased slightly after the fall in value of the pound, this is following on from Britain’s decision at the end of June to leave the European Union. We’re better off waiting until next month when the July fuel figures come in, to see what shot term impact the decision has had.  

Prices could’ve been greater if it wasn’t for the shake up in the markets following Brexit that lowered the price of oil slightly to match the decline of the pound. 7% was wiped off the pound with oil prices dropping 6%.

Simon Williams Fuel Spokesman for the RAC said “But it is good news that fuel prices are so far weathering the Brexit storm. We may well see pump prices rise slightly in July, but current indications are that that is unlikely to be the shock rise some were predicting.”

“There is also a hope that prices might even fall once various issues that have hindered production around the world are resolved,” added Williams.