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Fuel prices rose in August, says RAC

Date: 08 September 2017   |   Author: Daniel Puddicombe

Motorists saw the average price of fuel increase for the second month in a row in August, with both petrol and diesel costs rising by more than 2p a litre, data from the RAC has revealed.

The RAC blamed much of the increase on Storm Harvey, claiming the tropical storm disrupted oil refining facilities in the US, causing the wholesale price of unleaded to rise by 4p a litre within a week.

Crude oil costs also rose during the month, from £36.09 at the start of the month to £40.01 at the end of the month, while the dollar also suffered, dropping by 3% from $1.32 to $1.28.

RAC Fuel Watch data also found that the average price of fuel sold by the 'big four' supermarkets increased by more than the national average, rising by 2.4p a litre for petrol to 114.63p and 2.64p to 115.17p for diesel.

The motoring organisation also claimed that the cost of filling a 55-litre family car increased by £1.24 throughout the course of month to £64.63, while the cost of brimming a similar-sized diesel car increased by £1.25 to £65.10.

"Sadly, fuel prices went up for the second consecutive month in August, but the 2p a litre increase is unfortunately just the tip of the iceberg as motorists are likely to see further forecourt rises in the next week as a result of the disruption to oil refiners in Texas," said RAC fuel spokesman Simon Williams.

Williams added: "While the price of producing petrol tends to be primarily affected by the cost of crude oil and the exchange rate as it's traded in dollars, it is also affected by global market forces for the refined product itself and we often see the price move up and down according to supply and demand issues."