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Fuel prices up for third month in row 

Average petrol and diesel prices rose in January for the third month in a row following a 2% increase in the price of oil.

petrol pump

Fuel prices rose for the third consecutive month following a 2% increase in the price of oil

The RAC Fuel Watch data shows that unleaded increased 1.34p at the pumps to 122.24p per litre while diesel went up 1.56p to 125.04p per litre. This means the price of petrol has increased 4p a litre since October 2017 when it was around 118p. Diesel has gone up 5p a litre, rising from around 120p in October to 125p. Petrol is now at its highest point since late November 2014 and diesel the highest since early December 2014.

The average price charged by the big four supermarket fuel retailers suffered a bigger rise at 2p a litre, taking the average price of a litre of supermarket petrol to 119.76p and diesel to 122.45p.

RAC fuel spokesman Simon Williams said reductions could be in store in February as the RAC’s current two-week forecast shows reductions of a penny for petrol and two pence for diesel.

But he added: “Whether this will filter through at the pumps is questionable as retailers are generally loath to pass on wholesale savings when they consider them to be marginal.”

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Natalie Middleton

Natalie has worked as a fleet journalist for 16 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. As Business Editor, Natalie ensures the group websites and newsletters are updated with the latest news.