Diesel Prices Soar by Over 10p a Litre in October
Diesel drivers are reeling as prices jump a whopping 10p a litre in October – the third biggest monthly hike ever recorded. According to RAC Fuel Watch, this surge added more than £5 to fill a 55-litre tank, pushing the cost to a staggering £105.
Petrol Prices Climb Too, But Diesel Gap Hits Record
While petrol prices rose by a smaller 4p a litre, making a full tank £2 dearer at £91.51, the price gap between diesel and unleaded fuel hit an all-time high of 24p per litre. The average diesel price shot up from 180.37p to 190.51p, trailing only March and June’s massive jumps earlier this year.
OPEC+ Cuts Trigger Price Spike
The painful increases began after OPEC+ slashed oil production by 2 million barrels a day, sending Brent crude prices from $88.86 to a peak of $97 per barrel by late October. The weaker pound also pushed costs higher since fuel is traded in US dollars. Despite a 2% strengthening of the pound against the dollar during October, wholesale fuel prices remained elevated.
RAC Warns of More Price Pain
Simon Williams, RAC fuel spokesman, said:
“October was a shock for drivers after months of falling prices. Diesel took the worst hit, with a 10p per litre rise – one of the biggest jumps in history. Petrol saw a smaller 4p increase nationally. OPEC+’s production cut pushed oil close to $100 a barrel, levels not seen since late August. “Diesel drivers should brace for the possibility that prices could climb back to the record 199.09p per litre seen in June, which made filling a tank cost over £109. Petrol prices may ease as wholesale costs peaked mid-October, but it’s too soon to be certain. “Drivers shouldn’t assume local supermarkets offer the best deal. The ‘big four’ supermarkets are currently only marginally cheaper than the UK average for petrol and just 3p cheaper on diesel. Costco remains the cheapest option, selling petrol at 154p and diesel at 176p per litre – well below the average despite high oil prices and a weak pound.”
Where to Find the Cheapest Fuel
- Supermarket petrol average: 165.36p per litre
- Supermarket diesel average: 187.54p per litre
- Motorway petrol average: 190.48p per litre
- Motorway diesel average: 204.24p per litre
- Costco petrol: 154p per litre (12p below UK average)
- Costco diesel: 176p per litre (14p below UK average)
Keep tabs on prices via the RAC Fuel Watch website to avoid paying over the odds at the pumps.
