The average price of petrol and diesel at UK forecourts stayed the same throughout March despite a rise in the wholesale cost of both fuels, data from the RAC’s Fuel Watch report shows.

A litre of unleaded petrol now costs 120.11p (0.06p increase) and diesel 122.82p (0.01p increase).

The price of oil increased 5% from $63.98 at the start of March to $67.23 by the end of the month. While sterling While sterling gained on the dollar very slightly with a pound being worth $1.40 – up from $1.37 at the close of March – the wholesale price of petrol went up nearly 4p a litre and diesel by almost 2.5p a litre. Despite this, retailers did not pass on increased costs.

The average price of petrol at the big four supermarkets was also broadly unchanged with a litre of unleaded being sold for 116p and diesel for 119p.

Simon Williams, RAC fuel spokesman, said: “It’s good to see fuel prices haven’t gone up as a result of the increased cost of a barrel of oil which gained $4 in the second half of March.

"Retailers have clearly absorbed some of this cost which is good news for motorists who had seen prices rise for three consecutive months from November to January.

“Looking ahead there is a glimmer of hope that motorists may be about to benefit from some cheaper forecourt prices in April.

"At a global level there is much going on which may lead to a drop in the oil price: the developing trade friction between the US and China, increased oil production from fracking in the US and rising oil supply despite OPEC’s ongoing attempts to curb output.

"Each of these factors has the potential to cause the oil price to fall which would almost certainly bring pump prices down.”

Regional fuel price variation

The West Midlands saw the biggest increase in the price of unleaded with half a pence being added to the price at its forecourts – 119.89p.

Motorists in the East saw their average petrol prices reduce the most, albeit only by a third of a pence – 120.63p.

The South East had the most expensive petrol at both the beginning and end of the month at 121p a litre.

Despite diesel going up the most in Northern Ireland (0.34p) motorists there are still paying the lowest prices for the fuel, a penny below the UK average at 121.71p a litre.

The South East once again had the most expensive diesel at 123.63p a litre.

 

Regional average unleaded pump prices

 

Unleaded	01/03/2018	28/03/2018	Change
UK average	120.05	120.11	0.06
West Midlands	119.35	119.89	0.54
South West	119.87	120.37	0.50
Wales	119.31	119.74	0.43
Northern Ireland	119.37	119.71	0.34
North East	119.05	119.35	0.30
Yorkshire And The Humber	118.96	119.22	0.26
London	120.48	120.66	0.18
East Midlands	119.93	120.08	0.15
South East	121.10	121.00	-0.10
North West	119.68	119.56	-0.12
Scotland	119.59	119.46	-0.13
East	120.95	120.63	-0.32

 

Regional average diesel pump prices

Diesel	01/03/2018	28/03/2018	Change
UK average	122.83	122.82	-0.01
Northern Ireland	121.37	121.71	0.34
Scotland	122.60	122.88	0.28
North East	122.05	122.21	0.16
West Midlands	122.13	122.26	0.13
Wales	122.47	122.58	0.11
South West	123.11	123.18	0.07
East Midlands	122.76	122.81	0.05
Yorkshire And The Humber	122.04	122.03	-0.01
North West	122.42	122.40	-0.02
South East	123.72	123.63	-0.09
London	123.21	123.07	-0.14
East	123.69	123.50	-0.19