The price of petrol rose more in October than at any time since February 2013, with diesel rising at the fastest rate since May 2008, shows data from the RAC’s latest Fuel Watch survey.
A combination of a weak pound since the UK’s EU referendum vote and rising oil prices have contributed to average petrol prices rising by 4.37p per litre from 112.34p on 2 October to 116.73p on 31 October.
Diesel was up 5.17p per litre, ending the month at 118.65p on average, having begun the month at 113.48p. The average price of both fuels at the forecourt are now at their highest levels since July 2015 – 116.73p per litre for petrol and 118.65p for diesel.
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.
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 these dramatic increases in the prices they charge at the pumps.
“Certainly, we are a long way from the remarkably low fuel prices enjoyed by families and businesses early in 2016, when the average price of unleaded was around 102p per litre and diesel was 101p.
“But while the pound remains in the doldrums, and with few expecting it to recover in the near future, there are some indications that November might not shape up so badly.”
It added that the changes should make the Chancellor rethink any proposed tax or duty rises in his Autumn Statement on 23 November.