October fuel prices rise sharply
Published Date: 8th Nov 2016
Fuel prices for petrol have gone up more during October and this sharp increase has not been seen since February 2013. Diesel has risen at the fastest rate since May 2008
The total cost for filling an average petrol family car with a 55 litre tank is now £64.20 and the Diesel equivalent costing £65.25. The average light commercial vehicle with an 80 litre tank will now coat £94.92 to fill, according to the latest report from RAC’s fuel Watch data.
The current combination of a weak pound and rising oil prices have contributed to the sudden hike in wholesale fuel prices, petrol on has gone up an average 4.39p per litre from 112.34p to 116.73p. Diesel was up to 118.65p per litre on average with 5.17p added to every litre from the nozzle.
RAC fuel spokesman Simon Williams said: “October 2016 was an historic month for UK pump prices but, sadly for motorists, for all the wrong reasons. The effects of the weak pound have really been felt on the wholesale market, and this, combined with an oil price at nearly double its lowest level in 2016, has put significant upward pressure on wholesale fuel prices.”
The report finds that the most expensive place to buy fuel remains in the south east with prices at just over a penny dearer than the national average mentioned above. Northern Ireland makes use of the cheapest fuel prices with prices just over a penny cheaper.
Possible fuel price drops on the horizon?
Retailers have had no choice but to pass on the extra charges at the pumps, However good news could be on the cards for November as oil prices began to drop in the last few days of October and have continued into November, so cheaper fuel could be on the forecourts in time for Christmas.