The average price of petrol rose for the second month in row with a litre going up by 2p in March to 122.58p, data from RAC Fuel Watch* shows.
This means filling a 55-litre family car with unleaded now costs £67.22. The average price of diesel also increased but only 0.70p to 130.67p taking a fill-up to £71.87.
This is the second straight monthly increase for both fuels, making unleaded 2p more expensive than it was at the same time in 2018 and 2017 (120.11p – 2018; 120.15p - 2017).
Diesel, however, is nearly 8p dearer (122.82p – 2018; 122.19p – 2017), or £4.30 a tank. But the current price of petrol is still 8p a litre cheaper than it was in October last year (131p), which was the highest price seen since July 2014, and diesel is also 6p cheaper than it was in October (136p in October).
The pump price rises have been fuelled by a 4% jump in the cost of oil from $63.81 to $68.07 and a 2% drop in the value of the pound against the dollar ($1.32 to $1.30) – the worst possible combination for motorists.
The increase in the wholesale cost of petrol, which equated to 6.5p in March, started to be passed on by the supermarket fuel retailers immediately. This led to a litre of supermarket petrol going up 1.7p in March to 118.59p and a litre of diesel rising 1.27p to 127.48p.
Asda and Sainsbury’s both raised their prices by 2p a litre in the month. Asda, however, began a series of almost daily rises from late February, making for a 3.6p litre hike by the close of March (113.7p – 21 Feb to 117.31p – 31 March).
As a result of Asda’s increases, which weren’t mirrored by the other three major supermarkets, the gap between the country’s cheapest fuel retailer on petrol and the other supermarkets has closed. From the end of October until the end of February the other three supermarkets were charging around 3p more for a litre of petrol than Asda but this has now closed again to the customary 1p to 1.5p.
RAC fuel spokesman Simon Williams said: “March has been another rough month for petrol drivers. Unleaded has gone up 2p a litre and diesel by just short of a penny. Diesel drivers are particularly feeling the pinch at the moment, as compared to this time last year and the year before a litre is on average 8p more expensive than petrol. Worse still, diesel is also 8p dearer than it was at this time in both 2018 and 2017.
“Throughout March the wholesale price of diesel was on average 6p a litre more than petrol. This gap has now closed which should hopefully bring some relief to drivers of diesel vehicles. If retailers play fair with motorists the price of the fuel should fall by around 3p a litre in the next fortnight whereas petrol looks like it’s set to rise further with at least a penny or two likely to go on in the coming weeks.
“Fortunately, normal competition between supermarket fuel retailers over the price of petrol has resumed after four months of Asda being considerably cheaper than its competitors. Whether this is as a result of keener pricing from the others or from Asda moving its unleaded price closer to its competitors is hard to know.
“Supermarkets play a vital role in UK fuel retailing as despite only having a fifth of forecourt sites they have 45% of the fuel market which means that everyone else selling fuel has little option but to compete with them. And, if there isn’t good competition between them it can mean the UK average price of fuel is adversely affected, to the disadvantage of all drivers.”
Regional fuel price variation
Regional average unleaded pump prices
|Yorkshire And The Humber||119.44||121.80||2.36|
Regional average diesel pump prices
|Yorkshire And The Humber||129.43||130.10||0.67|
Motorists can keep abreast of the latest fuel prices by visiting the RAC Fuel Watch webpage.
Notes to Editors
* UK average fuel prices quoted in the RAC Fuel Watch March 2019 report are based on Experian Catalist data from 1 to 31 March 2019 (pump prices). Regional prices are based on Experian Catalist data from 1 to 31 March. Wholesale prices, oil price and the value of sterling are based on data from 1 to 29 March 2019.
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About the RAC
First formed in 1897, the RAC has been looking after the needs of its members for more than 120 years.
Today it has more than eight million members and is one of the UK’s most progressive motoring organisations, providing services for both private and business motorists. Whether it's roadside assistance, insurance, buying a used car, vehicle inspections and checks, legal services or up-to-the-minute traffic and travel information – the RAC offers a solution for all motoring needs. The RAC is committed to making motoring easier, safer, more affordable and more enjoyable for drivers and road users.
The RAC supports the interests of its members and UK drivers at a national level. This includes voicing concerns about the increasing cost of motoring, particularly the price of fuel and the high level of tax levied on it, advancing levels of road safety, and supporting the needs of all drivers, from young to old.
The RAC’s annual Report on Motoring – first published in 1989 – is one of a kind and provides a clear insight into the concerns and issues facing today’s motorists.
For the very latest news on UK fuel prices, check RAC Fuel Watch. It provides a comprehensive guide to the latest UK unleaded petrol and diesel prices – both at the wholesale level and at the pump - and tracks these prices daily to help drivers check if the price they pay to fill up is a fair one.