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

Tesla launches CEO search as Elon Musk pledges...

May 1, 2025

Half of big international firms to cut office...

June 7, 2023

Ministers to cap firms’ energy bills amid calls...

September 21, 2022

Nothing in the King’s Speech: A Call to...

July 17, 2024

Shein eyes UK warehouse as it prepares for...

August 9, 2024

Little Christmas cheer as port strikes drag on

October 3, 2022

3 tips for choosing a quality excavator parts...

February 16, 2024

Unveiling the Top-Tier Education: The Big 5 Universities...

August 15, 2023

Supreme Court Ruling Signals Major Shift for UK...

June 20, 2024

More than 1,000 UK employees trial four-day working...

November 4, 2024

    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

    • Unmasking Medicaid Money-Laundering Schemes: Medicaid Financing Gimmicks 101

      June 27, 2025
    • Top moments from the Trump-Biden debate that changed the course of the 2024 election

      June 27, 2025
    • Trump exerted ‘maximum pressure’ on Iran and Israel to ‘deliver peace’: Leavitt

      June 27, 2025
    • Iranian foreign minister reiterates ‘serious damage’ to nuclear facilities, despite ayatollah’s comments

      June 27, 2025
    • Maybe Most People Do Not Want Teacher-Led Public School Prayer—But They Do Want Chaplains

      June 27, 2025
    • Flashback: The debate night against Trump that threw Biden’s reelection campaign into a free fall

      June 27, 2025

    Categories

    • Business (8,329)
    • Investing (2,076)
    • Politics (15,829)
    • 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