Pump prices up yet again19 Sep 2018

Eleventh successive weekly rise

Drivers are paying the price as the cost of petrol and diesel rises for the eleventh week in a row.

The average cost of a litre of petrol stands at more than 130.6p at UK forecourts, with diesel costing over 134.6p.

The current cost of filling a 55-litre Ford Focus with petrol is £72.25, up from a 12-month low of £64.71. To fill up the same-sized tank with diesel would cost £73.87 (£66.10 at the year’s low).

The highest pump prices ever recorded were seen in April 2012 when petrol hit 142.2p  and diesel 148p.

Sixty one percent of the price paid for petrol at the pumps goes to the chancellor in tax (fuel duty and VED). For diesel the Treasury receives 60% of everything spent.

Steve Gooding, director of the RAC Foundation, said:

“We’re still 12-14p away from the record pump prices seen back in 2012 when oil was trading as high as 120 US dollars a barrel, whilst today Brent crude is nearer to 80 US dollars a barrel.

“However, if sterling remains weak against the dollar then we could be testing those forecourt highs with oil at no more than 90-95 US dollars a barrel.

“With all the uncertainty in the world that is not a far-fetched scenario.”

ENDS

Contact:

Philip Gomm – Head of External Communications – RAC Foundation

philip.gomm@racfoundation.org | 020 7747 3445 | 07711 776448 | 020 7389 0601 (ISDN)

Notes to editors:

The RAC Foundation is a transport policy and research organisation that explores the economic, mobility, safety and environmental issues relating to roads and their users.

The Foundation publishes independent and authoritative research with which it promotes informed debate and advocates policy in the interest of the responsible motorist.

All the Foundation’s work is available at: www.racfoundation.org