Despite no change in the cost of oil, fuel prices rise

​​​​​​​Fuel prices have increased in eight of the past 12 months, but are still well below the highs seen in late February

Despite no real movement in the cost of oil in September, petrol and diesel prices rose by around a penny a litre, according to RAC Fuel Watch data.

The average price of unleaded went up from 134.64p to 135.41p (0.77p), while diesel increased from 142.19p to 143.14p (0.95p), bringing a full petrol fill-up to £74 and a diesel one to £78.20.

Fuel prices have increased in eight of the past 12 months but remain well below the peaks seen in late February.

Petrol is 4p below its 12-month peak of 139.65p and diesel is 3p lower than its high of 146.48p, recorded on 28 February.

Fortunately, after these peaks, prices dropped sharply, with both fuels reaching their lowest points on 9 May – petrol falling to 132.03p and diesel to 138.14p.

At the end of September, a litre of petrol bought at one of the four big supermarkets cost drivers 132.11p—3.3p less than the UK average. Diesel was 139.67p—3.47p lower than the countrywide average.

The RAC also notes that average retailer margins continue to be high, which the Competition and Markets Authority referenced in its latest road fuel market report, published last week, covering the period from June to August, stating they ‘remain far above historic levels’.