Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Petrol prices rise for fourth month in a row

by October 4, 2023
October 4, 2023
Petrol prices rise for fourth month in a row

Petrol prices have risen for the fourth month in a row, jumping by 4.5p a litre on average last month, the RAC says.

Unleaded went up from about £1.52 to £1.57 in September, pushing the cost of filling a family car to over £86.

The RAC said increased fuel costs were being driven by higher global oil prices, but it also claimed that petrol was being “overpriced”.

But independent forecourts said they were “not unjustifiably pricing petrol higher than needed”.

The Petrol Retailers Association, which represents independent sellers accounting for 64% of UK forecourts, said margins were “under pressure” due to higher labour and energy costs, and reduced sales.

The cost of living in the UK has begun to ease slightly, with inflation, the rate consumer prices rise at, falling to 6.7%.

But rising fuel prices for both petrol and diesel will increase pressure on household finances.

The RAC said drivers were “sadly really starting to suffer again at the pumps”, with its latest data for September showing petrol rose by 4.5p per litre on average in the month, while diesel increased by 8p per litre.

Diesel has risen to £1.63 from £1.54 per litre since the start of last month.

Simon Williams, the motoring group’s spokesman, said the RAC’s analysis showed that “petrol is currently overpriced by around 7p a litre”.

“In the last two weeks the wholesale cost of diesel has become 10p a litre more expensive than petrol, yet the gap at the pumps is only 5p,” he said.

“If retailers as a whole were playing fair with drivers petrol would be at least 7p cheaper than it is now, down to around £1.50 [per litre] from its current average of £1.57.”

But Gordon Balmer, executive director of the Petrol Retailers Association, hit back at the RAC, saying that margins had “inevitably increased” due to higher running costs.

“Attempting to whip up public anger by suggesting otherwise is deeply irresponsible,” he said.

Mr Williams said it was “worrying that retailer margin across the UK is higher for petrol than it should be” following an investigation by the competition watchdog earlier this year into the supermarkets Asda, Sainsbury’s, Morrison’s and Tesco, which dominate the fuel retail market.

A probe from the Competition and Markets Authority found that weak competition meant supermarket margins on fuel had increased, resulting in drivers paying more at the pumps.

As a result, some retailers agreed to set up a scheme to allow drivers to compare live fuel prices online, and the government has said it plans to make the practice mandatory.

The BBC contacted all four fuel-selling supermarkets for comment. Asda said it remained the “cheapest place for drivers to fill up across the UK”, with its unleaded 4.8p cheaper on average.

A Sainsbury’s spokesperson said it welcomed “greater pricing transparency in the fuel market” and also claimed it “consistently” offered “among the lowest fuel prices in every area that we operate”.

It said with regards to increased margins, it had used profits to absorb inflation “to keep grocery prices as low as possible”.

Read more:
Petrol prices rise for fourth month in a row

0
FacebookTwitterGoogle +Pinterest
previous post
New funding package supports Yorkshire business in developing sustainable solutions for global infrastructure and energy markets
next post
Unloc and Verizon Launch the Young Entrepreneurs Challenge 2023 In Europe

You may also like

Goldman Sachs and Deloitte roll back diversity initiatives...

February 12, 2025

Virgin Orbit ceases operations months after failure of...

May 24, 2023

Millions borrowing to pay essential bills at Christmas,...

December 15, 2023

What does Russia’s bid to legalize crypto mean...

December 29, 2022

Brexit: business success beyond the borders

April 26, 2024

Three Keys to Finding the Right Asset Tracking...

March 7, 2023

Is Live Commerce the Future of Online Retail?

May 28, 2025

Jeremy Hunt expected to increase number of Britons...

November 10, 2022

Hiring by UK firms slows amid ‘lingering economic...

July 10, 2023

Government urges public sector buyers to award more...

February 14, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Improve your Trading Odds and Increase Opportunities

      June 27, 2025
    • UK Export Finance unveils new tools to boost SME global trade

      June 27, 2025
    • Republicans raise alarm over US vulnerability to mass drone strikes after Israel-Iran conflict

      June 27, 2025
    • Manchester businessman cleared of hacking charges in ICO case

      June 27, 2025
    • Winners announced at Isle of Man Innovation Challenge 2025

      June 27, 2025
    • Padel club boom sees 3,200 venues built in 2024 as global popularity accelerates

      June 27, 2025

    Categories

    • Business (8,329)
    • Investing (2,074)
    • Politics (15,825)
    • Stocks (3,173)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved