Fuel prices now 20p a litre higher than last summer
Pump prices this summer hit a level around 20p higher than a year ago, despite prices finally having plateaued.
After nine straight months of rising petrol and diesel prices on forecourts, August saw some respite for motorists.
The average price of a litre of unleaded marginally fall by just 0.27p in the month to 135.02p, with diesel at an almost identical price at the end of the month as it was at the start (136.65p, down from 136.66p).
The small reductions in August were in sharp contrast to July, which saw the largest monthly rise in the price of unleaded since January, and made filling up with petrol in July 2021 the most expensive in eight years.
While the RAC welcomed an end to rising prices, it added that there’s little immediate sign that pump prices are actually going to come down.
RAC spokesman Rod Dennis outlined: “Key to what happens next is how the oil price changes. In the last few days, we’ve actually seen it increase once again after OPEC+, which represents many of the largest oil producing nations, decided to stick with its current plan to increase output only very slightly in the coming weeks. This, if combined with more positive international economic news in the wake of the pandemic, could once again spell rising prices at the UK’s forecourts. It’s a picture we need to continue to monitor closely, particularly if oil again begins to creep up to near the $80 a barrel mark as it did in July.”
Major supermarkets remain the best option for the cheapest fuel; with the average price of unleaded now standing at 132.09p per litre and diesel at 133.91p per litre, down in August by 0.34p and 0.41p respectively.
Last week also saw the rollout of E10 petrol on forecourts in Great Britain, with Northern Ireland to follow next year.
It’s not expected to hit pump prices though, as the higher cost of bioethanol has already been included in the wholesale price of the fuel for some time.