Petrol costs report greatest leap in 5 months

The common value of petrol jumped by 4p a litre in February whereas diesel shot up by almost 5p, making for the most important month-to-month rise in 5 months, the RAC says.

A mix of oil rising above $80 {dollars} and the pound being value simply $1.26 (with oil traded in {dollars}) pushed wholesale prices increased for UK gasoline retailers – prices which were rapidly handed to drivers with increased pump costs.

The information comes forward Wednesday’s Spring Budget assertion, by which Chancellor Jeremy Hunt is predicted to supply some aid to the nation’s motorists by freezing gasoline responsibility for a 14th consecutive 12 months and retaining the ‘short-term’ 5p-a-litre tax lower on petrol and diesel that was launched in 2022 to neutralise escalating gasoline costs.

The RAC’s month-to-month Fuel Watch report mentioned petrol went up from 140.75p initially of the February to 144.76p by the shut, including greater than £2 to the worth of a full tank (£77.41 to £79.62). 

Diesel escalated from 148.53p to 153.22p (4.7p) growing the price of filling up a median 55-litre household automobile by £2.60 to £84.27.

It’s the most important month-to-month improve for each fuels since September. 

Drivers in Northern Ireland getting greatest deal on gasoline 

Drivers in Northern Ireland are paying round 5.6p much less per litre of petrol than the remainder of the UK, the RAC mentioned

The report additionally recognized a widening of regional gasoline costs, particularly when evaluating Northern Ireland to the UK common. 

Pricing knowledge exhibits that drivers in Northern Ireland are paying – on common – 5.6p-a-litre much less for petrol than the remainder of the nation, whereas diesel is 4.6p cheaper.

The RAC mentioned that is ‘particularly galling’ for drivers in the remainder of the UK, saying huge retailers in Northern Ireland are working on ‘thinner margins’.

Looking at common margins throughout the entire of the UK, retailers are at the moment taking round 10p a litre on common throughout each petrol and diesel. 

‘The supermarkets particularly have now noticeably upped their margins to 8p a litre in comparison with 6p in 2019. Luckily for drivers, that is decrease than the final two years when it was round 9.5p,’ gasoline skilled on the RAC, Simon Williams, mentioned.

‘We hope that the eventual introduction of the monitoring physique advisable by the Competition and Markets Authority will assist to deliver an finish to this postcode lottery that treats drivers so unfairly,’ he added.

As you’ll be able to see from this desk, the typical value of petrol in Northern Ireland is 136.06p, whereas within the South East of England drivers are paying 141.90p for unleaded

Motorists in Northern Ireland are paying a median of 4.6p per litre much less for diesel than the remainder of the UK, the RAC’s report highlighted. The distinction is because of NI operators pocketing smaller working margins

Are supermarkets taking part in truthful with drivers? There’s an 18p-a-litre distinction between Asda’s least expensive and costliest filling station

The motoring group says motorists across the UK nonetheless get the very best deal by filling up at forecourts operated by the massive 4 grocery store chains.

Unleaded is slightly below 2p (1.8p) cheaper when purchased at a grocery store filling station (143p v 144.76p), although diesel is simply a penny cheaper (152.1p v 153.22p). 

It additionally highlights that there’s an 18p-per-litre distinction between the grocery store forecourts promoting the bottom and highest priced unleaded, each of that are Asda websites. 

The lowest value was 136.7p at its websites in Middleton, Leeds, and Ballyclare, north of Belfast in Northern Ireland, and the costliest was 163.9p at Parkgate Road in Chester.

For diesel, the hole between the most cost effective and costliest grocery store forecourts is bigger at 21p. 

Tesco supplied drivers the bottom priced at 142.9p at Banbridge in Northern Ireland and Asda had the dearest at 163.9p, once more at Parkgate Road in Chester.

Williams mentioned: ‘Our knowledge exhibits that in February, drivers endured the very best month-to-month common gasoline value will increase since September 2023. 

‘What’s extra diesel’s 4.7p rise was the 14th largest because the 12 months 2000 and the 4p that went on to petrol was the seventeenth greatest improve because the begin of the century.’

PETROL:  Supermarkets could be the most cost effective place to refill on common, however the distinction in costs at forecourts operated by the identical retailer can differ by as a lot as 18.2p for unleaded, in Asda’s case

DIESEL: Asda additionally has the most important value hole between its most and least costly filling stations. The postcode lottery hole is – like petrol – a distinction of 18.2p a litre

Drivers throughout the nation will welcome the Chancellor’s announcement in tomorrow’s Budget concerning taxation of the price of gasoline. 

Jeremy Hunt is predicted to freeze gasoline responsibility for a 14th consecutive 12 months – and can lengthen the ‘short-term’ 5p lower in gasoline responsibility for an additional 12 months as he seeks to calm Tory jitters over dire opinion ballot scores.

This will save drivers a collective £5billion over the subsequent 12 months, it’s estimated.