Posted: Thu 5th Oct 2023

‘Unjustifiable’ – Litre of diesel shoots up by another 8p in September while petrol increases by another 4.5p, RAC

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Thursday, Oct 5th, 2023

The average price of diesel rocketed by more than 8p a litre in September and petrol by 4.5p on the back of global oil production cuts which have driven the cost of a barrel close to $100, data from RAC Fuel Watch shows.

Diesel shot up from 154.78p at the start of the month to 163.11p by the close (8.33p) making for its fifth biggest monthly rise since 2000.

Unleaded went up from 152.49p to 157.01p (4.52p), its 13th biggest monthly jump in price in the last 23 years.

This is on top of rises drivers suffered in August, when petrol went up by nearly 7p and diesel by another 8p.

The increases mean it now costs nearly £90 to fill up a 55-litre family diesel car – around £4 more in a month, and the highest cost since April – and more than £86 for a similar petrol car, an increase of over £2 in September and the highest cost since December 2022

The RAC says the price rises are being driven by oil producer group OPEC+ restricting global supply in conjunction with the weaker value of sterling which makes wholesale fuel, which is traded in dollars, more expensive to buy 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. The last time oil was traded for over $100 a barrel was at the end of August 2022.

RAC fuel spokesman Simon 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.

“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.

“It’s worrying that retailer margin across the UK is higher for petrol than it should be considering the big four supermarkets were told off by the Competition and Markets Authority for overcharging drivers by £900m in 2022. While many have voluntarily started to publish their prices ahead of being mandated to in law, we still have a situation where wholesale price changes aren’t being fairly reflected on the forecourt.

“In the last two weeks the wholesale cost of diesel has become 10p a litre more expensive than petrol, yet the gap at the pumps is only 5p. If retailers as a whole were playing fair with drivers petrol would be at least 7p cheaper than it is now, down to around 150p from its current average of 157p.

“The second recommendation from the CMA report was to set up a price monitoring body which this situation demonstrates the need for as some retailers are clearly inflating the price of petrol. The setting up of this body cannot come soon enough, as long as it has some form of teeth to keep retailers in line.”

Regional pump prices

Unleaded
Pence per litre
01/09/2023 30/09/2023 Variance from UK average Change in month
North West 151.30 156.45 -0.56 5.15
West Midlands 152.52 157.61 0.6 5.09
North East 151.12 156.05 -0.96 4.93
Wales 151.78 156.31 -0.7 4.53
UK average 152.49 157.01 4.52
South East 153.89 158.35 1.34 4.46
East Midlands 152.44 156.86 -0.15 4.42
East 152.98 157.39 0.38 4.41
Yorkshire And The Humber 151.81 156.17 -0.84 4.36
South West 153.00 157.18 0.17 4.18
London 153.06 157.23 0.22 4.17
Scotland 152.47 156.52 -0.49 4.05
Northern Ireland 149.54 152.26 -4.75 2.72

 

Diesel
Pence per litre
01/09/2023 30/09/2023 Variance from UK average Change in month
North East 153.44 162.07 -1.04 8.63
East Midlands 154.30 162.79 -0.32 8.49
North West 153.52 161.88 -1.23 8.36
South East 156.40 164.76 1.65 8.36
UK average 154.78 163.11 8.33
West Midlands 154.92 163.17 0.06 8.25
South West 155.41 163.64 0.53 8.23
East 155.37 163.55 0.44 8.18
London 155.57 163.67 0.56 8.1
Wales 154.61 162.71 -0.4 8.1
Scotland 154.97 162.92 -0.19 7.95
Yorkshire And The Humber 154.92 162.85 -0.26 7.93
Northern Ireland 151.75 158.97 -4.14 7.22

Spotted something? Got a story? Send a Facebook Message | A direct message on Twitter | Email: News@Deeside.com
Latest News

  • Plans for 25-bedroom dementia unit at a Flintshire care home given green light.
  • Former landlord of Deeside pub sentenced to 24 years in prison for rape and sexual assault
  • Lidl set to open new Connah’s Quay store in December

  • More...

    Plans for 25-bedroom dementia unit at a Flintshire care home given green light.

    News

    Former landlord of Deeside pub sentenced to 24 years in prison for rape and sexual assault

    News

    Lidl set to open new Connah’s Quay store in December

    News

    Boss of Deeside based Iceland Foods set to run London Marathon in memory of his mother

    News

    Senedd rejects mandatory Outdoor Education Bill for Welsh schools

    News

    UK shoppers misled by some origin labelling on food in supermarkets, claims Which?

    News

    Survey shows strong support for schools’ role in children and young people’s health and wellbeing

    News

    Give young people nicotine patches and gum to help them quit vaping, says PHW

    News

    Almost one in five people in Wales waiting to start NHS treatment

    News