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Diesel prices stable as petrol rises

Date: Tuesday, August 8, 2023   |   Author: Sean Keywood

The RAC noted that the price of oil had risen by $10 a barrel in July, rising to $85.56 by the close of the month – a price not seen since mid-April. It said this had caused the wholesale price of both fuels to increase – by nearly 9.5p per litre for diesel, and 7p per litre for petrol.

RAC spokesperson Simon Williams said: “While we’re fortunately not in the kind of upward price spiral we experienced last year, it feels like the better times at the pump are over for the time being. If oil producers continue to curb production then bigger forecourt price rises could be on the cards.

“This has led to a squeeze on retailer margins which were too large, so we’re currently seeing a return to them making an amount per litre more similar to their longer-term averages. 

“The big question now is how quickly and how far pump prices rise. We sincerely hope we won’t see them shoot up like the proverbial rocket as this would indicate the Competition and Markets Authority’s fuel market investigation findings and recommendations have not had an immediate impact. 

“Encouragingly, there has so far been very little upward movement from the big four supermarkets but only time will tell.”