According to RAC Fuel Watch data, petrol increased by 1.34p during January to 122.24ppl, whilst diesel prices rose by 1.56p to 125.04ppl. These price increases mean that since October last year diesel has risen by 5ppl and petrol 4ppl - with both fuels at their highest prices since December 2014.
Prices have increased to due a 2% rise in the price of crude oil, but slightly cushioned due to a strengthening of the Sterling against US Dollars - making wholesale prices cheaper. However there is still uncertainty on pricing with barrels costing $70 - the highest price in 3 years.
RAC fuel spokesman Simon Williams stated: “The start of 2018 hasn’t been good for motorists as they’ve had to endure their third consecutive monthly increase at the pumps. Both petrol and diesel are now at their highest points for more than three years which is bound to be making a dent in household budgets.”
Filling a 55-litre family car with petrol now costs £67.23 whereas the diesel equivalent is more expensive at £68.77. This is in stark contrast to the cheapest point of 2017 in July when a tank of unleaded was £4.35 cheaper and a diesel fill-up was £5.51 cheaper.
Williams also stated: “There is a glimmer of hope that some of the heat in the forecourt price of fuel could cool in February as our current two-week forecast shows reductions of a penny for petrol and two pence for diesel.
“Whether this will filter through at the pumps is questionable as retailers are generally loath to pass on wholesale savings when they consider them to be marginal.”
Simon Williams also urged fuel retailers to “be fair to motorists and pass on the current savings in wholesale prices of fuel at the pump”.
A great way to shelter your business from the volatility of pump pricing is to purchase your fuel with fuel cards from AID Fuel Oils Group. Many of our market leading fuel cards have one competitive weekly fixed price that can be up 12ppl cheaper at some sites. Apply online and start saving today.
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AID Fuel Oils Group
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