October sees biggest petrol price rise at UK pumps in three and a half years

October sees biggest petrol price rise at UK pumps in three and a half years
The price of petrol has risen more during October than at any time since February 2013, with diesel rising at the fastest rate since May 2008, research shows.

It now costs £64.20 to fill an average-sized 55-litre petrol family car, with a similar diesel car costing £65.25 per tank to fill. For a light commercial diesel vehicle with an 80-litre tank, it now costs £94.92 to fill from empty according to data from the RAC’s latest Fuel Watch report

It is thought that a combination of a weak pound, Brexit fears since the UK’s EU referendum vote and rising oil prices have contributed to the hike in average petrol prices by 4.39p per litre, from 112.34p on October 2 to 116.73p on October 31.

RELATED CONTENT: Latest average fuel prices from RAC Fuel Watch

Fuel prices during October also experienced the biggest weekly rise for more than five years, with the average price of petrol shooting up by 1.22% in just seven days.

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The price of diesel was up 5.17p per litre, ending the month at an average of 118.65p

The average prices of both fuels on the forecourt are now at their highest levels since July 2015. 

The report finds that the south east of England remains the most expensive place to buy petrol in the UK, with the average price standing at 117.18p per litre.

East Anglia is the most expensive region for diesel with the average litre on sale for 119.13p.

On the other end of the scale, Northern Ireland still sells the UK’s cheapest fuel, with the average price of unleaded at 115.45p per litre and diesel at 117.25p.

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RAC fuel spokesman Simon Williams said:  “October 2016 was an historic month for UK pump prices but – sadly for motorists – for all the wrong reasons. The effects of the weak pound have really been felt on the wholesale market, and this, combined with an oil price at nearly double its lowest level in 2016, has put significant upward pressure on wholesale fuel prices.”

Retailers have had no choice but to reflect the dramatic increases in the prices they charge at the pumps. However, motorists could see pump prices fall slightly in November as the last days of October started to see a fall in the cost of oil.

Copyright Press Association 2016. Motoring News articles do not reflect the RAC's views unless clearly stated.