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Monthly fuel price increase reported

Date: 06 March 2019   |   Author: Sean Keywood

The average price of petrol and diesel rose during February, bringing to an end three months of price cuts, according to data from the RAC.

It says the average cost of a litre of petrol went up during the month by 0.88p, to 120.42p, while diesel was up by 1.24p to 129.88p.

This followed a period from the start of November during which around 11p a litre came off the price of petrol, and around 8p a litre came off diesel prices. 

According to the RAC, the increases in February were driven by a 5% increase in the price of oil, although the impact of this was cushioned in the UK by a 2% strengthening of the pound against the dollar, with fuel traded in the US currency. 

RAC spokesman Simon Williams said: "Drivers will be disappointed to see prices at the pumps going up again after enjoying three months of reductions. 

"What they probably aren't aware of is that retailers, who held off cuts for weeks when they were warranted, instantly raised their prices when they saw the wholesale price go up very slightly. 

"This is unfortunately clear proof of the infamous 'rocket and feather' pricing strategy where prices go up like a rocket and fall like a feather. 

"Currently, retailers should actually be reducing their unleaded prices a little, but it remains to be seen whether they will pass on the savings to drivers on the forecourt. Based on their current track record you would have to say this seems unlikely."



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