Fuel prices surge in September: Up by 4.5p
Feeling a sense of déjà vu with rising fuel costs? It might be wise to trust your instincts, as RAC Fuel Watch found that prices at the pumps have spiked once again.
Much to the dismay of drivers, fuel prices continued to skyrocket in September, with diesel increasing by 8p and petrol by 4.5p.
The shocking increase has us all wondering, will we see the same theme in October?
Fuel costs continue to rise
Diesel rose from 154.78p at the start of the month to 163.11p by the end, which is the fifth biggest monthly rise since 2000 and comes after an 8p rise in August.
Unleaded went from 152.49p to 157.01p, which on top of August’s 7p increase, was hard for Brits to swallow.
RAC fuel spokesman Simon Williams said: “Our analysis of RAC Fuel Watch wholesale and retail data shows that petrol is currently overpriced by around 7p a litre, although the price of diesel is likely to go up further still in the coming weeks.”
The current prices mean it costs nearly £90 to fill up a 55-litre family diesel car, and more than £86 for the equivalent petrol vehicle.
Why are prices going up?
According to the RAC, restrictions in the global supply chain and the value of the pound has driven rising fuel costs. Because wholesale oil is traded in dollars, the weaker value of the sterling has made buying fuel more expensive in the UK.
Throughout September, the cost of a barrel went from just under $89 to around $96, which added 8p a litre to the wholesale price of diesel.
Mr Williams said: “Drivers are sadly really starting to suffer again at the pumps with September seeing another 8p a litre added to the average price of diesel which comes hot on the tail of a similar increase in August. Petrol has also gone up 11p since the beginning of August so there’s little respite whichever fuel drivers use.”
Global oil prices hit a ten-month high in September. To help drivers find the cheapest fuel, petrol stations are sharing real-time fuel prices.
