Costs Of Diesel and Petrol Rose In July

Last July, the price of diesel and petrol rose as both increased by around 1p per litre.
The increase comes after a drop in prices that was experienced last June when the average costs of fuel plunged by approximately 2p per litre.

The most recent price increase implies that motorists are spending £70.84 in order to fill up a 55-litre petrol car. The said figure is up 59p from what was recorded last June, while a diesel car will cost around £72.52 to top up, a rise amounting to 57p.

It represents a large increase as compared to the same time during the previous year – at the end of the month, it cost an additional £7.50 in order to fill a petrol car and an additional £8.77 to fill a diesel.

The RAC warned that motorists will still experience fluctuating fuel costs amid the ‘roller-coaster’ changes in prices.

The numbers from the RAC said that supermarkets were somehow responsible for the increase that were experienced last July, as the average price of unleaded gas was up by 1.64p to 125.34p, on average – while diesel increased from 1.62p to 128.88p.

The volatility in the prices of oil also caused the prices of fuel to increase, as it soared from $70 per barrel to a price of $74 by the end of the month.

Rod Dennis, the spokesperson of the RAC, stated: “July saw a return to rising prices at the UK’s forecourts, following some price cuts in the previous month – the rollercoaster effect of rising and falling prices that drivers will have witnessed in recent months is certainly in full swing.”

He added: “Fortunately for UK drivers, the pound remained stable against the US dollar – which is important as fuel, like oil, is traded in dollars.”

The figures that were released by the Office for National Statistics last July showed that the prices of fuel had increased to their highest level for almost four years. The average price for a litre of petrol in June was 128p – a price that was not experienced since September 2014.