Fleet News

Fuel prices reach all-time high in October

Hand on fuel pump

The price of petrol and diesel has risen by 30p per litre in the last year, reaching a new all-time high.

RAC Fuel Watch data shows 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

On October 24 petrol exceeded the 142.48p a litre all-time peak set on April 16, 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 April 12, 2012, (147.93p) on the last day of the month with a new high of 147.94p, up from 139.78p on October 1.

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.

“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.”

RAC Fuel Watch data shows the 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.

Williams added: “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.”

Regional pump prices compared:

Unleaded

01/10/2021

31/10/2021

Change

UK average

136.92

144.35

7.43

East

137.19

144.87

7.68

East Midlands

136.65

144.38

7.73

London

137.53

144.51

6.98

North East

135.66

143.04

7.38

North West

137.14

143.87

6.73

Northern Ireland

133.74

142.10

8.36

Scotland

136.30

143.97

7.67

South East

137.91

144.92

7.01

South West

137.52

144.45

6.93

Wales

136.38

144.11

7.73

West Midlands

136.82

144.29

7.47

Yorkshire And The Humber

136.48

143.59

7.11

 

Diesel

01/10/2021

31/10/2021

Change

UK average

139.78

147.94

8.16

East

139.96

148.19

8.23

East Midlands

138.89

147.79

8.90

London

140.20

147.93

7.73

North East

138.15

147.22

9.07

North West

139.43

147.70

8.27

Northern Ireland

135.53

144.36

8.83

Scotland

139.20

147.89

8.69

South East

140.67

148.55

7.88

South West

139.86

148.24

8.38

Wales

139.30

147.92

8.62

West Midlands

139.71

147.85

8.14

Yorkshire And The Humber

139.22

147.84

8.62


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