June sees fuel price rises after big coronavirus-related falls
06 July 2020
Author: Sean Keywood
The average price of fuel rose in June, following three months of heavy cuts.
Data from the RAC shows that the average price of a litre of petrol rose by 3.74p, from 107.11p to 110.85p, while the average diesel price went up by 2.89p, from 112.07p to 114.96p.
Despite these increases, the RAC points out that both petrol and diesel are still 17p cheaper per litre than they were at the end of January, since when coronavirus travel restrictions led to plummeting oil prices.
RAC spokesman Simon Williams said: "While those who continued to drive regularly throughout the pandemic will have benefited from some very low prices, millions won't have so will be disappointed that just as they start to drive more again prices are on the up. "It is, of course, the lack of demand for fuel which caused prices to drop in the first place so sadly it's no great surprise that they're on the rise again now."
Williams added that increases in oil prices were set to provoke further cost increases at the pumps.
He said: "Oil producer group OPEC and its allies are continuing to restrict output which has successfully driven up the barrel price and that can only mean one thing for drivers in the coming weeks - higher prices.
"This is confirmed by RAC Fuel Watch data which shows that petrol is likely to go up by 2p a litre in the next fortnight.
"Diesel, however, shouldn't rise much at all unless retailers use the saving in its slightly lower wholesale price to subsidise petrol."