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Fleets paying £5 more to fill up with fuel than at start of year

Date: 05 October 2016   |   Author: Daniel Puddicombe

The cost of fuel has increased in September as a result of rising oil prices, data from the RAC has suggested.

According to the breakdown firm's Fuel Watch report, the average cost of a litre of petrol ended the month at 112.0p, up 0.4p on the average price at the start of the month, while a litre of diesel was 113.3p at the end of the month - the highest price since August 2015, and up 0.4p compared with the start of the month.

Oil barrel prices - the biggest variable to affect fuel prices - went up by 8%, or $3.45, throughout the month, finishing off at $48.35, a little off 2016's high price of $50.73 in June.

The price increases now means it costs, on average, £5 more to fill up an average petrol-powered family hatchback than at the start of the year, while it costs £4 more to fill up an equivalent diesel vehicle than it did in January.

"A higher oil price, combined with a weakening pound, is forcing up wholesale fuel prices: the wholesale price of diesel is now nearly 9p higher than it was at the start of August, and petrol 7.4p higher. The effect of this to date has been gradually rising pump prices," said RAC fuel spokesman Simon Williams. "The new chancellor's first Autumn Statement also looms next month, and the RAC hopes that he sees sense in committing to not increase fuel duty for the remainder of the parliament - certainly compared to his predecessor's track record on fuel duty, the new chancellor has a lot to live up to."