Fuel prices remain at three-year low
Thu, 14 Nov 2024
Fuel prices remain at a three-year low despite a small spike in oil prices during early October due to tensions in the Middle East.
The average price of petrol during October stood at 135.2p a litre, up just 0.3p on September’s prices. Diesel rose by only 0.6p, to an average of 140.2p a litre.
However, despite prices remaining at 2021 levels, UK diesel is still the most expensive across Europe – a title it has held for 21 of the past 27 weeks.
The RAC adds that filling up at a supermarket still saves drivers 3p a litre, or £2 per tankful. At supermarkets, unleaded is 132p and diesel is 136.8p.
Prices are even cheaper at membership-only retailer Costco, where petrol is 127p and diesel is 131.7p. These prices are more than 8p less than the UK average.
RAC head of policy Simon Williams said the good news continues after the Chancellor’s decision to extend the 5p a litre fuel duty cut in last month’s Budget.
Williams also highlighted the unusual situation of prices in Northern Ireland remaining at least 5p a litre cheaper than the UK average.
"It was positive to see at the Budget that the government aims to allow the Competition and Markets Authority to use its statutory powers to monitor competition in the road fuels market in just two months’ time," says Williams.
Williams adds that this will be crucial in providing ongoing scrutiny of prices and whether further action is needed to protect consumers.
By the end of 2025 the government’s ‘Fuel Finder’ scheme will come into force, obliging every retailer to report their prices to a central database within 30 minutes of a change being made.
The RAC says it hopes the government’s actions will ensure drivers get a fairer deal every time they fill up.
The average cost of filling up a 55-litre fuel tank in the UK now stands at £74.40 for petrol, and just over £77 for diesel.
The government, takes 55% of this in tax, in the form of fuel duty and the VAT that is charged on top.
