Fuel prices increased dramatically in October, with diesel rising by more than 10p per litre, as the UK continues to grapple with the ongoing cost-of-living crisis.
According to new figures released by the RAC, diesel prices increased from an average of 180.37p to 190.51p per litre, which is the equivalent of costing more than £5 per tank.
The price rise is the third largest on record, behind only March and June this year, when prices of diesel rose 22p and 16p respectively.
October also represented the largest ever price disparity between unleaded and diesel, with the gap reaching 24p per litre.
The RAC says the price rises started at the beginning of the month when the Organisation of the Petroleum Exporting Countries (OPEC) cut oil production by two million barrels a day - equal to 2% of the world’s supply.
Barrel prices increased 7% from $88.86 to $94.83, reaching a high of $97 on 27 October, which, when taking the weak performance of the pound into account, ramped up prices.
RAC fuel spokesman Simon Williams said: “After three months of falling pump prices, October was a severe shock to the system for drivers with the unwelcome return of some scary numbers on forecourt totems.
“The fear now, particularly for diesel drivers, is whether the average price of a litre is heading back to that record of 199.09p, which made a full tank cost more than £109.
“Looking at the wholesale market, we strongly hope the price should stabilise. And those with petrol cars should actually see forecourt prices start to go slightly the other way as the wholesale cost of unleaded appears to have peaked – at least for the time being – in mid-October.”
Supermarket forecourts did not avoid the price rises. Prices of unleaded increased by 4p at one ‘big four‘ supermarket, and diesel by 9p.
Even more aggressive price rises were evident on motorway forecourts, with petrol jumping by almost 8p from 182.83p to 190.48p, and diesel by 12p, from 192.74p to 204.24p.
Costco, meanwhile, had the cheapest average fuel prices, with petrol at 154p per litre and diesel at 176p per litre.
The price rises follow the record profit announcements from the world’s biggest energy and oil providers.
BP posted profits of £7.1 billion between July and September, which was over double its earnings from the same period last year. Likewise, Shell posted profits of £8.1bn for the third quarter of the year.
Williams said: “We strongly urge drivers to make sure they always know where they can buy fuel at the lowest prices.
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Sooner we get these stinking, dirty machines off the road the better. 3 occasions this week already where I've had to put the ventilation off due to clapped out 10-15 year old machines in front of me. Two of the 3 were BMW 5's. Personally I don't want to breathe in this sh*t and I certainly don't want my kids / wider family breathing it in
Costco have card only, pay at pump, filling stations, which is why they can operate at lower margins, lower cost, and still turn a profit. They are members only too, so will have a very fine indication on turnover.
You'd think that Fuel would be cheaper where there is more Traffic wouldn't you?, forecourts at Motorway services through the very fact that their busy most of the time,and over the next 20-30 yrs or so, there will be less fossil fuelled vehicles of all shapes and sizes so less need for unleaded and Deisel more EV orientated, what are fuel providers going to do with Oil ?, no, it's time motorway service area fuel prices were the same as anywhere else you buy fuel.
How do you achieve that? There's a false assumption about busyness. The operators of the filling stations, however branded, do not do anything like the volumes of the supermarket buyers, so cannot negotiate the front end discounts. Further services have to be open 24 hours per day, seven days per week, exceptions apply, and have to offer certain services during that 24 hours...toilets, showers, hot and cold food. There is a cost to that.
And, of course, there is a certain cost to the driver for the convenience for refueling without having to leave the motorway to go in search of less expensive fuel (unless you already know, in which case, nothing to worry about - J22 M25, Sainsburys, for example).
Of course, none of that excuses the fact that UK motorway services are routinely ghastly, money grabbing, places which are, for the most part, easy to avoid for refuelling purposes, mainly just being convenient for the conveniences (which are free and available even if not refuelling).
Think of it this way. If it was a simple task to bring down the cost of retailing fuel on motorways, the supermarkets would be all over them. Even though some have shops within none operate forecorts on motorways as they do at or adjacent to their own supermarkets.