Home Business NewsBusinessAutomotive News Drivers hit with higher fuel prices

Drivers hit with higher fuel prices

by LLB Finance Reporter
4th Oct 23 10:43 am

Last month there was a surge in the price of diesel as drivers were hit with a surge of 8p per litre.

New figures by the RAC shows from the start of September the average price of fuel rose from 154.8p to 163.1p by the end of the month.

Since 2000 this was the fifth highest monthly price rise and petrol prices surge from 152.5p to 157.0p per litre.

Oil producer OPEC+ has restricted global supplies which has seen the price rise.

RAC fuel spokesman Simon Williams said: “Drivers are sadly really starting to suffer again at the pumps. There’s little respite whichever fuel drivers use.

“Our analysis of RAC Fuel Watch wholesale and retail data shows that petrol is currently overpriced by around 7p a litre, although the price of diesel is likely to go up further still in the coming weeks.

“It’s worrying that retailer margin across the UK is higher for petrol than it should be considering the big four supermarkets were told off by the Competition and Markets Authority for overcharging drivers by £900 million in 2022.

“While many have voluntarily started to publish their prices ahead of being mandated to in law, we still have a situation where wholesale price changes aren’t being fairly reflected on the forecourt.”

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