NI has lowest UK fuel prices but costs go up 10p per litre
Fuel prices across the UK increased by as much as 10p per litre in October as three months of falling costs came to an end.
The average price of a litre of diesel soared by 10p to 190.51p, meaning it now costs almost £105 to fill up the 55-litre tank of an average family car – a £5 increase on September. The increase is the third-highest monthly change on record, only exceeded by jumps earlier this year when it rose by 22p in March and 16p in June.
The price of petrol also increased in October although by a lesser 4p per litre to just over 166p, according to the RAC Fuel Watch service. The average price gap between the two fuels has now stretched to a record high of 24p per litre. Until this year the gap has never been more than 11p.
The latest figures revealed sharp differences between regions and retailers. Drivers in Northern Ireland continue to enjoy the lowest average prices, with petrol at 163.56p and diesel 187.66p, while those in the East Midlands paid 167.5p for petrol and Scottish motorists paid 191.7p for diesel.
The RAC’s Simon Williams said restrictions on oil production announced in early October had pushed up the price of raw materials while the continued weakness of the pound against the dollar also contributed to a sharp rise in wholesale fuel costs. The new figures come just days after energy giant and fuel station operator BP reported a doubling of its profits in 2022 to £7.1 billion.
“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 added that with the delay between wholesale and retail price changes, owners of petrol cars could actually see costs drop slightly in coming weeks as wholesale petrol prices appear to have peaked in mid-October.