The third-worst monthly increase in recorded prices was in October, which saw a cost rise of 10p per litre to an average of 190.5p.
The RAC says that drivers experienced a “severe surprise” when diesel prices rose in October due to the Opec+ oil cartel’s decision not to reduce production.
Diesel prices rose 10p per litre to 190.5p, which is the third-worst monthly increase in recorded history, after previous increases this fiscal year, according to data from the motoring association.
According to the RAC, the price of a full tank of diesel increased by more than £5 and £105 in June as prices climbed towards the record high of 199.09p a litre in June.
Data showed that petrol prices rose, but less than diesel. They went up nearly 4p per litre from 162.67p and 166.38p. A full tank of petrol costs £2 more at £91.51.
After the record-breaking prices of oil earlier this year, Britons have seen a decrease in pump prices over the last three months. This was after the price of oil had risen to an all-time high due to Russia’s invasion.
The Opec+ oil cartel and its allies reached an agreement to reduce production targets by more than anticipated, which prompted a dispute with Joe Biden, the US president.
This decision was made by Russia and Saudi Arabia. Oil prices rose from $89 per barrel to nearly $95. In March, prices reached $138 per barrel. This was in response to the start of the war. Prices also remained over $100 through spring and summer, which put pressure on the oil pumps.
Record prices led to claims that fuel retailers were profiteering. The Competition and Markets Authority raised concerns about margins made by oil refineries.
Due to the political turmoil in Westminster, last month’s fall in the Pound also caused wholesale petrol and diesel to become more expensive. These products are traded in dollars.
Simon Williams, a spokesperson for RAC Fuel, stated that October was a severe shock to the system for drivers with the unwelcome return of some scary numbers on forecourt totems.
“The concern now, especially for diesel drivers is whether the average price per litre will return to that record of 190.9p, which meant that a full tank would cost more than £109. We strongly believe that the price will stabilize when we look at the wholesale market.
