Diesel prices rose 10p a litre in October for 3rd largest hike on record, show RAC figures

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    Diesel started the month at 180.4p per litre and by the end of October, it was 190.5p, according to the RAC, the UK’s longest-serving motoring organisation. A family-sized diesel car on average will now cost £104.77 to fill up, as RAC describes the price hike as “significant”.

    The price of petrol has also increased, although less than diesel, by 4p a litre, and increased from 162.67p to 166.54p in October.

    It means filling up a family petrol car will cost Brits £91.60 on average.

    Britain experienced a rise in fuel prices earlier this year due to Russia’s invasion of Ukraine, which has rose the price of oil.

    RAC spokesman Simon Williams said: “I think high prices are definitely here for the longer term, unfortunately, as long as there’s a war in Ukraine.”

    However, until now prices had lowered but according to experts, supermarkets were hesitant to lower their prices.

    Mr Williams said: “Over the summer, the price of petrol fell, the average wholesale price of petrol fell every week for eight weeks.

    “But the supermarkets are extremely resistant in cutting their prices and therefore the UK average didn’t fall as much as it should have done.

    “We had a very strange situation where lots of independent smaller retailers were outpricing, selling cheaper fuel than the big four supermarkets which is something I haven’t really seen before.”

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    Mr 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.

    “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.”

    Mr Williams said drivers should shop around for the best prices, and not assume supermarkets would be the cheapest option.

    RAC data showed that the retailer Costco is currently the cheapest option for drivers, as it a diesel on average cost 176p and petrol 154p, which is lower than the UK average.

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    Mr Willians also said the decision by Opec+, the group of oil-producing countries, to cut oil production added to the increase of fuel prices this October.

    The move away from Russian diesel in Britain and the fall of the pound last month also may have factored in making fuel prices more expensive.

    Led by Russia and Saudi Arabia, Opec+ agreed to a larger-than-expected cut in oil production, and cut oil output by 2 million barrels a day, which rose oil prices from $89 a barrel to almost $95.

    When asked about the Opec+, US President Joe Biden said he found the decision “unnecessary”.

    Jake Sullivan, the US national security advisor, and Brian Deese, director of the National Economic Council, said President Biden was  “disappointed by the shortsighted decision … while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine”.



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