Fuel prices static in September, RAC reports
05 October 2020
Author: Sean Keywood
The average price of petrol and diesel in the UK stayed broadly static in September, according to data from the RAC.
It says the average price of a litre of petrol was 114.61p, a fall of just 0.17p, while the average diesel price was 118.10p, a fall of 0.33p.
The figures bring an end to three months of rising prices, and are still well below levels seen at the start of the year, when the average cost of a tank of fuel was £7 more for petrol car drivers, and £8 more for those with diesels.
However, the RAC says that diesel prices should be lower than they currently are, given the fuel's wholesale value.
RAC spokesman Simon Williams said: "After three months of rising fuel prices drivers will be relieved to see the cost of both petrol and diesel staying the same.
"Since June when prices stopped falling as a result of the coronavirus movement restrictions being eased, the cost of fuel has been going up steadily. While price rises are never good news, they have not gone back to the high levels seen at the beginning of the year.
"Despite this, diesel drivers should feel short-changed by the decision of retailers to keep prices artificially high. The price of a litre is currently 8p higher than it should be due to reductions in the wholesale price.
"In fact, the wholesale price of diesel has now been lower than the petrol equivalent for six weeks, yet petrol continues to be sold for 3.5p less than diesel. This must surely be difficult for retailers to justify. We strongly urge them to lower their prices in an effort to restore drivers' trust."
Williams added that while it is always difficult to predict future fuel prices, imminent rises look unlikely.
"With the summer travel peak behind us and with ever more coronavirus restrictions being introduced, the demand for fuel is likely to wane.
"The price of oil has already dropped back to below $40 for the first time in two weeks as the increasing number of Covid-19 cases dampened traders' demand forecasts.
"This coupled with a higher than expected output of oil from oil producer group OPEC could lead to lower prices on the UK's forecourts in the coming weeks."