Drivers 'suffering again' as petrol prices rise for fourth straight month, after 4.5p per litre surge in September
4 October 2023, 09:53
Petrol prices rose for the fourth straight month in September, going up by 4.5p per litre.
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The average price of unleaded petrol rose from about £1.52 to £1.57 in September.
Meanwhile diesel prices rose by 8p per litre in September, with the average price increasing from £1.55 at the start of September to £1.63 by the end of the month.
That was the fifth largest increase since 2000.
The RAC said that petrol was "overpriced", although it also attributed the price rises to oil producing countries restricting supply.
But independent petrol retailers said petrol stations' margins were "under pressure".
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RAC fuel spokesman Simon Williams said: "Drivers are sadly really starting to suffer again at the pumps. There's little respite whichever fuel drivers use.
"Our analysis of RAC Fuel Watch wholesale and retail data shows that petrol is currently overpriced by around 7p a litre, although the price of diesel is likely to go up further still in the coming weeks.
"It's worrying that retailer margin across the UK is higher for petrol than it should be considering the big four supermarkets were told off by the Competition and Markets Authority for overcharging drivers by £900 million in 2022.
"While many have voluntarily started to publish their prices ahead of being mandated to in law, we still have a situation where wholesale price changes aren't being fairly reflected on the forecourt."
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Gordon Balmer, executive director of the Petrol Retailers Association said that margins had "inevitably increased" because of higher running costs.
He added: "Attempting to whip up public anger by suggesting otherwise is deeply irresponsible."
Fuel prices went up in late 2021 and early 2022, driven in part by Russia's invasion of Ukraine. Prices dropped again in the second half of 2022 and earlier this year, before the recent rise again.
Saudi Arabia and Russia, two of the world's biggest oil producers, decided to cut oil production this year to help keep prices up.
The price of a barrel of crude oil was $90.30 on Wednesday, rising nearly 27% since June 12, when it was at $71.17.
