Fuel prices jumped 2p per litre in January – but there could be a cut due this month
Filling up a family car with unleaded petrol is now £9.53 more expensive than a year ago
PETROL and diesel prices rose by around 2p a litre last month taking them to their highest prices for more than two years.
Aside from a fall in the price of fuel in November and July last year, the cost of petrol and diesel has been going up steadily since March 2016.
This is despite the fact that the wholesale cost of unleaded has remained the same, and the cost of diesel has gone down.
Data out today from the RAC shows that unleaded petrol prices on January 31st were 120.01p a litre, while diesel cost 122.30p a litre. At the start of the year, unleaded petrol cost 117.90p and diesel cost 120.35p.
It means that the cost of filling up a 55-litre family car with unleaded is now £1 more than it was in December, and £9.53 more expensive than a year ago.
RAC fuel spokesman Simon Williams said: “In the last two months 5p a litre has been added to the pump price of both petrol and diesel which means the cost of filling up is really starting to hurt motorists again.
"But the January rise is harder to swallow as there is a saving from wholesale prices that retailers should be passing on a little faster than they are.
“It is particularly worrying that the supermarkets have increased their prices by an average of 3p a litre in January with one adding nearly 5p a litre."
Williams added: "As the wholesale price stands currently we would be expecting to see average prices come down by over a penny a litre in the next fortnight.”
Regional fuel price variation
Northern Ireland once again has the cheapest fuel in the UK despite suffering the biggest increases in both petrol and diesel in January, with nearly 3p a litre being added in the month.
The North East saw the smallest increase in unleaded at just under 2p a litre, whereas Wales had the lowest diesel rise at just over 1.5p a litre.
The South East is still the most expensive region to buy both petrol or diesel with a litre of unleaded costing an average of 120.94p and diesel 123.26p
Three ways to cut down your fuel costs
- Make your car more fuel-efficient. You can do this by keeping your tyres inflated, taking the roof rack off, emptying your car of clutter and turning off your air con when driving at lower speeds.
- Find the cheapest fuel prices. Use PetrolPrices.com. All you need to do is enter in your postcode and tell it how far you want to travel (up to 20 miles)
- Drive more efficiently. Some ways to do this, include:
- Accelerate gradually without over-revving
- Always drive on the highest possible gear
- If you can, allow your car to slow down naturally as your brake is a money burner
- Re-starting your car is expensive, if you can keep moving
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