New data released by RAC Fuel Watch confirms that UK fuel prices hit record new highs during October 2021.
The price of unleaded petrol rose faster than in any month since 2000, increasing by almost 7.5p per litre. Diesel prices also rocketed by 8p per litre.
At the end of October, petrol prices had reached 144.35p per litre, with diesel up to 147.94p per litre. It makes both fuels some 30p per litre more expensive versus this time last year.
Pumping up the cost
Filling up an average car now costs £16.50 more than it did at the end of October 2020.
Contributing to the high pump prices is a $5 per barrel cost increase in the value of oil. This six percent jump caused the wholesale price of a litre of unleaded to rise by 5p, and diesel by 4.5p.
However, RAC Fuel Watch says the higher prices being paid by UK motorists can be attributed to the ‘big four’ supermarkets.
Typically the source of the cheapest fuel in the UK, supermarket filling stations added an average of 9p per litre to unleaded in October, and 10p to diesel.
Time for retailers to play fair?
Of the major supermarket chains, Asda remained the cheapest overall, with petrol at 140.98p. At 144.37p per litre, Sainsbury’s offered the lowest price for diesel.
Prices at motorway service stations hit a record of 158.6p for petrol, with diesel pushed to an all-time high of 163.08p.
RAC fuel spokesman Simon Williams said: “October 2021 set records for all the wrong reasons and was a horrible month for drivers, with both petrol and diesel prices hitting new heights.
“The increases of almost 7.5p being added to a litre of unleaded and more than 8p going on to diesel are some of the highest we’ve seen in the 21 years we’ve been tracking fuel prices.”
In relation to retail price jumps, Williams added that “the profit margin retailers are taking on each litre of petrol is greater now than it used to be prior to the pandemic, which is artificially making forecourt prices higher, particularly as VAT is charged on top.”
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