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Fuel prices remain at three-year low in October despite ‘brief spike’ in oil costs – RAC

RAC Fuel Watch’s data has shown that average prices still remain low compared to previous years.

EMBARGEOD TO 0001 WEDNESDAY JUNE 5 File photo dated 01/09/21 of an E10 petrol pump by a Diesel pump at a Asda Petrol Station in Aintree, Liverpool. According to new analysis from the RAC, Asda has become the UK’s most expensive supermarket fuel retailer, with rival companies Tesco, Morrisons and Sainsbury’s selling a litre of petrol for an average of 2.1p less than Asda at the end of May. Issue date: Wednesday June 5, 2024.
Asda petrol prices EMBARGEOD TO 0001 WEDNESDAY JUNE 5 File photo dated 01/09/21 of an E10 petrol pump by a Diesel pump at a Asda Petrol Station in Aintree, Liverpool. According to new analysis from the RAC, Asda has become the UK’s most expensive supermarket fuel retailer, with rival companies Tesco, Morrisons and Sainsbury’s selling a litre of petrol for an average of 2.1p less than Asda at the end of May. Issue date: Wednesday June 5, 2024. (Peter Byrne/PA)
By Jack Evans, PA Motoring Reporter

Fuel prices remain at a three-year low despite a ‘brief spike’ in the cost of oil early in October.

That’s according to data from RAC Fuel Watch, which has found that the average price of petrol stands at 135.2p – up a third of a pence on September’s figures. As a result, the cost of filling up an average 55-litre car with unleaded is now £74.40.

Diesel, meanwhile, increased in price by two-thirds of a pence to 140.2p a litre, resulting in a £77 fill-up for an average family car. However, the RAC states that UK diesel prices are the most expensive in Europe, continuing a theme that has been the case ‘for 21 of the last 27 weeks’.

RAC head of policy Simon Williams said: “Despite the price of oil briefly jumping up to around $80 a barrel in the early part of October due to increased tensions in the Middle East, prices at the pumps have fortunately remained stable at a three-year low.

“This is yet more good news for drivers following the Chancellor’s extension of the 5p duty cut at her first Budget last week. But it’s also worth remembering that even now 55% of the total price of a litre of fuel is tax in the form of fuel duty, and the VAT that is charged on top.”

Purchasing fuel at supermarkets can save drivers 3p a litre – or close to £2 for every tank – with the average price of petrol at supermarket forecourts standing at 132p and 136.8p for diesel.

Prices in Northern Ireland remain lower than the rest of the UK, with petrol averaging 130.4p a litre and diesel 134.1p – 5p and 6p less respectively than the rest of the country.