Tag: petrol

Record monthly fuel price increases in March

Petrol and diesel increase by record monthly amounts

  • Diesel goes up by 40p in a month – 18p more than the previous record set four years ago
  • 20p monthly hike in the average price of petrol surpasses June 2022 record of 16.6p
  • Full tanks of petrol and diesel go up by £11 and £22 in March

The average prices of petrol and diesel both increased by record monthly amounts in March on the back of the conflict in Iran, analysis of RAC Fuel Watch data reveals.*

A litre of unleaded rose by 20p from 132.83p on 1 March to 152.83p by the end, surpassing the previous all-time biggest monthly jump of 16.6p seen at the end of June 2022 when petrol went up from 174.84p to 191.43p.

The increase in the average price of diesel was even more dramatic, going up 40p in March to 182.77p from 142.38p – almost doubling the previous record rise of 22p seen in March 2022 where the price went from 155.23p to 177.29p at the start of Russia’s invasion of Ukraine.

Despite the record rises seen in March, average fuel prices are still some way off the all-time highs of summer 2022 when petrol peaked at an average of 191.5p (3 July) and diesel at 199p a litre (25 June).

The sudden hikes have added £11 to the cost of filling a 55-litre family car, which now stands at nearly £84 (£84.06), and £22 for the diesel equivalent, with a tank topping £100 (£100.52)

RAC head of policy Simon Williams said: “March has been truly unprecedented – fuel prices have never risen this fast in a single month. But while this is the biggest pence-per-litre increase ever in a month, it’s not as great in real terms as those seen during the 1973 oil crisis when the price of a barrel quadrupled.

“The increases drivers have had to endure in March 2026 far exceed those seen in the early days of the war in Ukraine. 

“While the monthly rise in a litre of petrol is bad enough, the jump in the cost of diesel is even harder to swallow at 40p a litre – 18p more than the previous monthly record. With long-term RAC research showing eight-in-10 people are dependent on their vehicles, these costs must really be taking their toll on both households as well as businesses.

“Ahead of the Easter getaway, which is expected to be the busiest on the roads since 2022 with nearly 21m leisure journeys planned, we urge drivers to fill up as usual and to use the myRAC app to find the cheapest forecourts near them.”

Drivers looking to save money on their fill-ups should take advantage of the fuel finder feature in the free myRAC app. The app can be downloaded for free from the App Store or Google Play, and drivers don’t need to be RAC members to use it. Up to 10 searches a day can be made over a two, five or 10-mile radius, with each giving the five cheapest prices. 

The RAC Fuel Watch web page has more information about the average price of petrol and diesel at the big four supermarkets and at motorway services.

It also features graphs showing average prices since 2000 as well as a daily financial breakdown of the cost of a litre of petrol and diesel.

Petrol price rises by a record 7.5p in October to hit new all-time high

  • Both petrol and diesel now 30p a litre more expensive than a year ago, adding £16.50 to a fill-up
  • Diesel rose by nearly 8p in October to reach a new record price – its second highest monthly rise in 21 years

The average prices of both petrol and diesel hit new record highs in October after rising by nearly 7.5p and 8p respectively – with the price of unleaded rising faster than in any month since 2000, RAC Fuel Watch data* shows.

On Sunday 24 October petrol exceeded the 142.48p a litre all-time peak set on 16 April 2012 by reaching 142.94p. Since then the price has continued to rise, finishing the month at 144.35p and up from 136.92p at the start. Diesel also surpassed its record price of 12 April 2012 (147.93p) on the last day of the month with a new high of 147.94p, up from 139.78p on 1 October.

The October hike in the price of unleaded is the largest since 2000 at 7.43p while diesel’s 8.16p increase is second only to the 8.43p jump seen in May 2008. This has added a huge £4 to the cost of filling up a 55-litre family petrol car (£79.39) and £4.50 for a diesel (£81.37) compared to the start of October. The previous biggest petrol price rise in a single month was in May 2018 when a litre went up 6p to 129.41p.

Both petrol and diesel are now 30p a litre – 26% – more expensive than a year (petrol –114.46p on 29 October 2020 to 144.35p now; and diesel – 117.82p to 147.94p now). This means it costs £16.50 more to fill up a family car with either fuel than it did at the end of October 2020.

Oil rose by nearly $5 a barrel (6%) from $78.62 to $83.47 last month, although on 25 October it peaked at $86.16. This caused the wholesale price of a litre of unleaded to go up by 5p and diesel by 4.5p which is in stark contrast to the 7.5p and 8p forecourt rises.

The RAC Fuel Watch data shows the enormous retail price jumps appear to have been driven by the big four supermarkets which upped the price of unleaded by more than 9p a litre and diesel by more than 10p to averages of 142.18p and 145.28p respectively.

Asda had the cheapest petrol at 140.98p, only slightly lower than Sainsbury’s at 141.68p. Sainsbury’s, however, offered the lowest price diesel at 144.37p, just slightly less than Asda which charged 144.57p at the end of October.

The average price of motorway petrol was 158.43p on 31 October, with a record price set the day before at 158.56p. Diesel closed October at a new all-time high of 163.08p.

RAC fuel spokesman Simon Williams said: “October 2021 set records for all the wrong reasons and was a horrible month for drivers with both petrol and diesel prices hitting new heights. The increases of almost 7.5p being added to a litre of unleaded and more than 8p going on to diesel are some of the highest we’ve seen in the 21 years we’ve been tracking fuel prices.

“Sadly, since passing the old record from 2012 the price of petrol has continued to climb and closed October at an eye-watering average of 144.35p. With a fill-up costing £16.50 more than a year ago, the impact is definitely being felt in homes up and down the country. It’s also bound to have a negative effect on the economy.

“There is, however, a glimmer of hope that the oil price may have peaked for the time being, but much will of course depend on whether more supply is released when oil producer group OPEC+ next meets on Thursday.

“Regardless of this, the profit margin retailers are taking on each litre of petrol is greater now than it used to be prior to the pandemic, which is artificially making forecourt prices higher, particularly as VAT is charged on top. We urge the biggest retailers, in particular, to play fair with drivers and ease the burden at the pumps by lowering their margins on petrol from around 8p a litre to more normal levels.

“This month’s RAC Fuel Watch data also reveals the extent of the fuel price ‘postcode lottery’, with petrol prices in Northern Ireland being nearly 3p a litre cheaper than the South East of England where prices are higher than anywhere else.

“While Northern Ireland has the cheapest petrol and diesel in the UK, drivers there still saw an 8p a litre leap in the price of unleaded. A litre of diesel in Northern Ireland is 144.36p – the same as the average price of petrol across the UK. In the North East diesel rocketed by a frightening 9p a litre to 147.22p.”

Regional pump prices compared

Unleaded01/10/202131/10/2021Change
UK average136.92144.357.43
East137.19144.877.68
East Midlands136.65144.387.73
London137.53144.516.98
North East135.66143.047.38
North West137.14143.876.73
Northern Ireland133.74142.108.36
Scotland136.30143.977.67
South East137.91144.927.01
South West137.52144.456.93
Wales136.38144.117.73
West Midlands136.82144.297.47
Yorkshire And The Humber136.48143.597.11
Diesel01/10/202131/10/2021Change
UK average139.78147.948.16
East139.96148.198.23
East Midlands138.89147.798.90
London140.20147.937.73
North East138.15147.229.07
North West139.43147.708.27
Northern Ireland135.53144.368.83
Scotland139.20147.898.69
South East140.67148.557.88
South West139.86148.248.38
Wales139.30147.928.62
West Midlands139.71147.858.14
Yorkshire And The Humber139.22147.848.62

Find out more about UK petrol and diesel prices on the RAC website.

Fuel supplies: DON’T PANIC!

The Business Secretary met with senior executives from the fuel industry last night following ‘supply chain issues’ at petrol forecourts.

During the meeting, attendees discussed issues caused by supply chain pressures and spikes in localised demand.

As a result, Businesses Secretary Kwasi Kwarteng agreed to implement a measure to temporarily exempt industry from the Competition Act 1998 for the purpose of sharing information and optimising supply.

Known as The Downstream Oil Protocol, this step will allow Government to work constructively with fuel producers, suppliers, hauliers and retailers to ensure that disruption is minimised as far as possible.

The measure will make it easier for industry to share information, so that they can more easily prioritise the delivery of fuel to the parts of the country and strategic locations that are most in need.

Business Secretary Kwasi Kwarteng said: We have  long-standing  contingency plans in place to work with industry so that fuel supplies can be maintained and deliveries can still be made in the event of a serious disruption.

“While there has always been and continues to be plenty of fuel at refineries and terminals, we are aware that there have been some issues with supply chains. This is why we will enact the Downstream Oil Protocol to ensure industry can share vital information and work together more effectively to ensure disruption is minimised.

“We thank HGV drivers and all forecourt staff for their tireless work during this period.”

The decision follows a package of measures announced over the weekend which will see the Government ease temporary supply chain pressures brought on by the pandemic and the global economy rebounding around the world.

These include an immediate increase in HGV testing, short term visas for HGV drivers and new skills bootcamps to train up to 3,000 more people to become HGV drivers.

In a joint statement, stakeholders* said: “We are in regular contact with Government ministers and policy officials and it was reassuring to meet with the Business Secretary again on Sunday evening and discuss further action.

“We will continue to work closely in partnership over this period with local and national Government and want to reassure the public that the issues that have arisen are due to temporary spikes in customer demand, not a national shortage of fuel.“

* Joint statement from:

  • Fuels Transport and Logistics (FTL)
  • Greenergy
  • Wincanton
  • Shell
  • Certas
  • XPO
  • UK Petroleum Industry Association (UKPIA)
  • Association of Convenience Stores
  • ExxonMobil