You are here: Home - Household Bills - News -

Motorists hit by fourth straight month of fuel price rises

0
Written by:
05/07/2016
The average price of petrol and diesel has increased for the fourth month running, according to RAC Fuel Watch data for June.

However, wholesale fuel prices have only risen very slightly as a result of the pound weakening after the UK voted to leave the EU.

Unleaded went up 1.5p a litre and diesel by 1.66p in a month which saw oil finishing at $48 a barrel and the pound hitting a 31-year low against the dollar.

The impact of the 11% post-referendum fall in the value of the pound was softened by a simultaneous 6% drop in the oil price, meaning wholesale prices were largely unaffected.

The forecourt price rise, which has seen unleaded go up more than 10p a litre from 101.91p at the start of March to 112.17p at the end of June, means the cost of filling an average petrol family car has increased by £5.64 to £61.69 in four months.

The June pump price rise added 81p to the cost of a tank of petrol and 91p to a complete diesel fill-up. Diesel is now nearly 11p more expensive than at the beginning of March (101.56p to 112.39p), making a tank £5.96 dearer.

RAC fuel spokesman Simon Williams said: “June was another bad month for motorists with the price of petrol going up again. While it was only a penny and a half it makes for a rise of more than 10p since the start of March. Filling up with unleaded is now £5.64 more expensive which is enough to make an unpleasant dent in household budgets up and down the country, especially for those who have more than one car or need to fill up regularly.

“But it is good news that fuel prices are so far weathering the Brexit storm; wholesale prices have remained relatively stable after an initial small upward jolt as a result of the pound falling on news of the referendum result. The fact the oil price dropped at the same time lessened the negative effect of the pound’s devaluation. We may well see pump prices rise slightly in July, but current indications are that this is unlikely to be the shock rise some were predicting.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Can these well-known energy tricks really save you money?

We're always on the look-out for quick and clever ways to cut our household bills. But can we really save...

Close