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October marks biggest fuel price rises in years

Date: 03 November 2016   |   Author: Daniel Puddicombe

October marked the biggest petrol price rise at UK forecourts in three and a half years, new data has revealed.

According to the RAC Fuel Watch, petrol prices increased by 4.3p per litre throughout the month.

Diesel prices, meanwhile, increased at the fastest rate since May 2008, with prices increasing by 5.1p per litre during the course of the month.

The RAC claimed average prices for both fuels at the forecourt are now at their highest levels since July 2015 - 116.7p for petrol and 118.6p for diesel.

The rises were put down to a combination of a weak pound and Brexit fears.

However, the price of crude oil fell during the latter stages of the month, which could cut forecourt prices.

"Certainly, we are a long way from the remarkably low fuel prices enjoyed by families and businesses early in 2016, when the average price of unleaded was around 102p per litre and diesel was 101p," said RAC fuel spokesman Simon Williams. "But while the pound remains in the doldrums, and with few expecting it to recover in the near future, there are some indications that November might not shape up so badly.

"The biggest variable affecting what drivers pay when they fill up is the oil price. OPEC, which represents some of the world's biggest oil producers, recently agreed in principle a cut in production," he added, suggesting the talks of cuts in production has been enough to force prices up.