Fuel prices creep up - again

Published:  22 October, 2010

UK: After four months of falling pump prices, the cost of petrol and diesel has started to rise again.

An extra 1p in fuel duty at the start of October has accounted for much of the increase although a higher oil price is now working its way through to the driver. Disruption to refinery production in France may have led to the cost of diesel increasing.

Unleaded prices have risen by 2.5p/litre from 115.2p/litre to 117.7p/litre. Diesel prices have also risen, by 3.3p/litre from 118.0p/litre to 121.3p/litre.

The price difference between unleaded and diesel has risen to 3.6p/litre.

The AA said UK diesel users would be concerned that the price differential between petrol and diesel had widened to 3.55p/litre for the first time since early June 2009. Diesel prices are likely to be pushed higher in particular by US demand for winter heating oil.

Government figures show that the amount of revenue raised by fuel duties will increase by more than one-quarter over the next five years to £33.4bn.

The £26bn the Treasury currently earns from fuel duty is higher than tax raised through self-assessed income tax.

According to fuel price data is supplied by Experian Catalist in co-operation with Arval UK, London recorded the highest price for unleaded at 118.4p/litre. Yorkshire and Humberside recorded the lowest price for unleaded at 116.8p/litre. Wales recorded the highest diesel price at 122.2p/litre. Yorkshire and Humberside have the cheapest diesel at 120.6p/litre.

Supermarket prices for unleaded also rose over the month by 2.4p/litre to 115.8p/litre. The gap between supermarket prices and the UK average for unleaded has risen to 1.9p/litre.

The UK has the 12th highest unleaded price in Europe and the second highest diesel price. 

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