Skip navigation

Gloucestershire Business News

Diesel prices rocket by 10p a litre in October

October saw diesel rocket by 10p a litre to 190.5p, making for the third worst monthly increase on record

The average price of diesel shot up by more than 10p a litre in October - the third biggest monthly increase on record.

This means it now costs nearly £105 to fill up a 55-litre diesel car, data from RAC Fuel Watch reveals.

A litre of diesel went from 180.37p to 190.51p making October's rise second only to the ones seen earlier this year in March (up 22p) and June (up 16p) which gave rise to the new all-time high of 199.09p (25 June).

The average price of diesel in the South West is 191.2, making it the most expensive region in the UK.

The price of petrol also increased, but only by 3.71p a litre from 162.67p to 166.38p which means a full tank costs £2 more at £91.51.

October also saw the gap between the forecourt prices of diesel and unleaded reach an all-time high of 24p a litre.

The RAC says the price hikes began at the start of the month when oil producer group OPEC+ agreed to cut production by 2m barrels a day. This led to the barrel price going up 7 per cent from $88.86 to $94.83, hitting a high of $97 on 27 October.

This, combined with the weaker pound, made wholesale petrol and diesel - which is traded in dollars - more expensive. The value of the pound increased by 2 per cent from $1.12 to $1.15.

The average price of unleaded at one of the big four supermarkets went up 4p from 161.31p to 165.36p; diesel jumped 9p from 178.51p to 187.54p.

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.

"Those with diesel vehicles suffered most with 10p being added to the cost of a litre in what was the third worst monthly increase on record, but petrol car drivers also saw a 4p-a-litre increase across the country.

"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.

"We strongly urge drivers to make sure they always know where they can buy fuel at the lowest prices. Those who assume their local supermarket will be the cheapest may be in for a nasty surprise as the 'big four' are currently only a penny cheaper for petrol than the UK average."

Related Articles

GE Aerospace sees orders and profits soar Image

GE Aerospace sees orders and profits soar

GE Aerospace has raised its full-year profit guidance after releasing its first quarter financial results.

Decathlon extends sustainable sport gear scheme Image

Decathlon extends sustainable sport gear scheme

Sports retailer, Decathlon, has expanded its sports gear buyback scheme.

Profits drop 12% for Barclays Image

Profits drop 12% for Barclays

Financial pain as mortgage crisis recoils on lenders.

WH Smith sales growth driven by travel performance Image

WH Smith sales growth driven by travel performance

WH Smith is in its strongest ever position as a global travel retailer, its CEO said today.

Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.