Fuel prices increase for 59 consecutive days

Wednesday, May 30, 2018

 

Study by the RAC reveals ‘fuel price creep’ has seen drivers pay more each day since the end of March.

 

Petrol and diesel prices have risen every day for the last 59 days, according to analysis of supermarket filling stations.

 

On 26 March, average supermarket fuel prices were 116.7p for a litre of petrol and 119.4p for diesel. They have increased to 124.7p and 127.7p respectively, according to RAC Fuel Watch data.

 

The weak pound and a rise in crude oil prices are to blame.

 

It is not just supermarket prices that are climbing in the UK as average prices have soared. Over the same period of time UK average prices have risen by almost 8.5p a litre – although not every day.

 

The research was carried out by the RAC, whose fuel spokesman, Simon Williams, said: “This is the worst series of consecutive daily supermarket price rises we have seen since we began monitoring this three and a half years ago.

 

Williams added that supermarkets are “highly influential” on UK petrol process, selling 45 per cent of all the country’s fuel, with smaller retailers often matching their prices. Were oil to reach $100 a barrel and exchange rates remain the same, Williams warned drivers could end up paying 143p a litre.

 

These fuel prices put the UK 10th among EU member states for the price of fuel. The most expensive is the Netherlands, where drivers pay £1.47 per litre of petrol.

 

The UK’s VAT on fuel is the lowest among this top 10, while fuel duty is joint sixth highest among the 28 states measured, despite having been frozen for seven years between 2010 and 2017. The UK has the joint eighth lowest pre-tax and duty cost of fuel in the EU, according to RAC foundation data.

 

Williams warned that there are more increases to come. An increase of 1p per litre across the national average is expected in the coming weeks.

 

Mr Williams advises motorists to consider modifying their driving styles to improve fuel economy.

 

“Avoiding harsh acceleration and braking, and keeping their vehicles moving at more constant, slightly slower speeds could help take some of the sting out of fuel bills,” he says.

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