They remain hard to predict says RAC Fuel Watch.
After recent declines, fuel prices rose by almost a penny a litre in late July – the first increase in three months and irksomely timed just as many families will be hitting the roads for the long-distance summer holiday getaway.
RAC Fuel Watch data shows that the price of unleaded rose by 0.7p a litre to 115.2p, while diesel rose by a similar amount to 116p a litre. The price of a tank of fuel for the average family car is thus now back up to more than £63. It could be worse though: it could still be February 2017, where unleaded cost 120.5p and diesel cost 122.4p.
Although prices at supermarkets remain lower than the UK average, they also increased by more than the overall average – 0.9p a litre for unleaded and 0.8p a litre for diesel. Fuel costs 112p and 112.5p a litre for petrol and diesel respectively at supermarkets, which trade 44 percent of the fuel sold in Britain.
The July price rise was caused by an increase in wholesale oil prices, although RAC Fuel Watch spokesman Simon Williams says it’s actually quite hard to predict which way fuel prices will go now. “Even though wholesale prices have increased, the strengthening of sterling has somewhat softened the effect of the oil price rise.
“There may well be some short-term small increases on the forecourt but there is still a global oil glut despite attempts from the OPEC producers to curb production and boost the barrel price.” Which should at least mean there are no nasty shocks in store for the return back from the summer getaway…