You are here: Home - Household Bills - News -

Petrol and diesel prices up in July

Written by: Paloma Kubiak
July saw the first increase in average petrol and diesel prices for three months following a surge in the cost of oil.

A litre of unleaded increased by 0.7p, having begun July at 114.47p, it rose to 115.17p according to RAC Fuel Watch data.

Diesel went up by a similar amount – 0.73p – from 115.27p to 116p. This means the cost of filling a typical 55-litre family car with either petrol or diesel remains above the £63 mark.

The rise following three months of falls comes as the price of oil increased by 6%. It started at  $48.98 and closed $2.83 higher at $51.81 in July. This contributed to a 2% rise in the wholesale cost of both fuels, which is likely to trickle down to higher pump prices in the next week or two.

Prices at the UK’s big four supermarkets, which are responsible for 44% of all petrol and diesel sold, increased more with the average cost of supermarket petrol going up a 0.91p from 111.14p to 112.05p and diesel by 0.83p from 111.63p to 112.46p.

Despite this, the current average price of a litre of petrol – 115.27p – is still more than 5p lower than the 2017 high of 120.45p seen on 19 February. And, the end of July diesel price of 116p is more than 6p a litre below this year’s high price of 122.35p (20 February).

RAC fuel spokesman, Simon Williams, said: “Sadly, July was the month when pump prices went up for the first time since April, albeit by just under a penny a litre. While this is not that significant in itself, wholesale prices have gone up due to the price of oil increasing by 6% in July, reversing June’s similar percentage drop.

“It remains to be seen how much impact this will prove to have on the forecourt. Fortunately, a barrel of oil is still quite a lot cheaper than it was at the end of March when it was just over $55 so this doesn’t automatically signal forecourt price rises.”

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.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

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... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Bank of England
Bank of England committee split over base rate hold decision

The Bank of England’s Monetary Policy Committee (MPC) has voted to hold the base rate at the record low level...