September 3rd 2023.
August saw one of the biggest monthly fuel price rises in more than two decades, according to figures from the RAC. Petrol prices went up by 7p per litre, while diesel prices increased by 8p per litre - the fifth and sixth largest hikes respectively in the last 23 years.
The surge in prices is due to a 12 US dollar rise in the cost of oil since the start of July, attributed to the Opec+ reducing supply. As a result, the wholesale cost of fuel has increased, and this has been passed on to drivers at the forecourt.
Fortunately, prices have decreased since the Russian invasion of Ukraine last year. Drivers can take advantage of the best deals by looking at the Confused.com fuel index, which organises the country by postcode. The Belfast postcode currently has the lowest petrol prices in the UK at 145.1p per litre, while Torquay takes second place with 146.7p per litre. Other areas with low petrol prices include Sunderland, Bradford and Kilmarnock.
At the other end of the scale, the most expensive areas in the country tend to be Scottish islands and parts of London. RAC fuel spokesman Simon Williams commented on the increase, saying: ‘August was a big shock to drivers as they had grown used to seeing far lower prices than last summer’s record highs’. He went on to say that ‘it could have been far worse had the biggest retailers not let their inflated margins from earlier in the year return to more normal levels’. Hopefully, this will remain the case when wholesale fuel costs go down.
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