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Diesel pump price hits two-year high

The average price of diesel has hit its highest level in more than two years.

Driver picking up fuel pump

The cost of filling up with petrol has risen around £10 a tank in the last 12 months, with an extra £12 needed for a tank for diesel.

Latest RAC Foundation Figures for last Friday (20 January) show UK motorists were paying an average of 122.1 pence per litre for diesel – the highest since December 2014.

Petrol pump prices were 119.7 pence per litre on the same day.

The rise follows a 20% uplift in pump prices over the last year.

RAC Foundation director Steve Gooding said: “Fuel prices have been rising steadily on the back of a doubling of the cost of crude oil over the past year, caused in large part by the collapse in value of sterling against the dollar.

“For drivers this means the cost of filling up with petrol has risen around £10 a tank in just 12 months and £12 a tank for diesel.

“Things could have been worse still. The relatively mild winter across much of Europe has depressed demand for heating oil which is closely related to diesel. That’s why the wholesale price of diesel is currently about the same as petrol.”

Wholesale prices have levelled off in recent weeks, leading to hopes there will soon be some respite for drivers.

Gooding added: “The biggest influence on pump prices remains the Chancellor. Despite the continued fuel duty freeze, he still takes two-thirds of the pump price in tax.”

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Natalie Middleton

Natalie has worked as a fleet journalist for 14 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. Natalie works across the magazine portfolio and updates the company websites with daily news, interviews and road test content.