Press release -
Fuel £11 more expensive than a year ago, but prices stabilise in February
After two months of rises at the pumps, the price of petrol and diesel stabilised in February, according to RAC Fuel Watch data*.
Unleaded finished the month at 120.23p a litre, a very slight increase on the figure of 120.05p seen on 1 February, and diesel at 122.25p, having started at 122.31p, meaning the country is still paying the most it has for fuel since December 2014.
The stability has been brought about by the fact the two key price-determining factors – the price of oil and the sterling/dollar exchange rate – have both steadied, keeping wholesale prices in check. A barrel of oil averaged $55 throughout the month and the pound was worth on average $1.25.
It now costs £66.13 to fill up an average 55-litre family car with petrol compared to £55.91 a year ago when the average price nationally was 101.65p. A tank of diesel is now £67.27 compared to £55.72 12 months ago when a litre averaged 101.31p.
RAC fuel spokesman Simon Williams said: “While the price of oil has shot up by $10 since the end of November when many oil producing countries agreed to curb production it appears to have settled around the $55 mark which will be a relief to motorists who no doubt felt forecourt prices were constantly heading in the wrong direction. Filling up an average car is sadly now £11 more expensive than a year ago.
The oil production cut, which is the first in eight years, is even more significant because it was brought about by the Organization of Petroleum Exporting Countries (OPEC) making an agreement with 11 other oil producing countries to limit production by a total of 1.8m barrels a day globally with a view to getting the barrel price to increase.
Simon Williams added: “The agreement between OPEC and non-member countries seems to be holding firm for the time being which is not good news for motorists. For prices at the pumps to come down again we would need the oil price to reduce and the pound to make up some of its lost ground on the dollar.
“So a month where fuel prices have stayed broadly the same is welcome news. Given the global oil production situation and the weaker pound all we can really hope for at the moment is some continued price stability on the forecourt.”
Regional fuel price variation
The North East took Northern Ireland’s title of having the cheapest fuel in the UK with petrol at an average of 119.34p and diesel at 121.19p at the end of February. The South East remains the most expensive place to buy fuel with a litre of petrol costing 120.94p and diesel 123p.
The North West saw the biggest rise in the price of unleaded, albeit only 0.31p and the South East recorded the largest diesel price reduction even though it was just -0.18p.
Regional average unleaded pump prices
| Unleaded | 01/02/2017 | 28/02/2017 | Change |
| North West | 119.75 | 120.06 | 0.31 |
| East Midlands | 119.97 | 120.26 | 0.29 |
| Scotland | 119.44 | 119.73 | 0.29 |
| West Midlands | 120.12 | 120.41 | 0.29 |
| Northern Ireland | 119.22 | 119.47 | 0.25 |
| Yorkshire And The Humber | 119.48 | 119.73 | 0.25 |
| North East | 119.17 | 119.34 | 0.17 |
| South West | 119.91 | 120.02 | 0.11 |
| East | 120.57 | 120.67 | 0.10 |
| Wales | 119.26 | 119.35 | 0.09 |
| South East | 120.87 | 120.94 | 0.07 |
| London | 120.54 | 120.59 | 0.05 |
| Diesel | 01/02/2017 | 28/02/2017 | Change |
| South East | 123.18 | 123.00 | -0.18 |
| East | 123.00 | 122.85 | -0.15 |
| East Midlands | 122.19 | 122.07 | -0.12 |
| North East | 121.31 | 121.19 | -0.12 |
| Scotland | 122.36 | 122.24 | -0.12 |
| Wales | 121.83 | 121.71 | -0.12 |
| Yorkshire And The Humber | 121.77 | 121.73 | -0.04 |
| South West | 122.24 | 122.24 | 0.00 |
| London | 122.68 | 122.69 | 0.01 |
| West Midlands | 122.23 | 122.25 | 0.02 |
| North West | 122.00 | 122.04 | 0.04 |
| Northern Ireland | 121.10 | 121.22 | 0.12 |
Motorists can keep abreast of the latest fuel prices by visiting: rac.co.uk/fuelwatch or following #racfuelwatch on Twitter.
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Notes to Editors
* The RAC Fuel Watch February report is based on an analysis of Experian Catalist average prices from 1 to 28 February 2017.
About the RAC
With more than eight million members, the RAC 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 is the motorist’s champion and campaigns to support the interests of its members and UK motorists at a national level, including advancing levels of road safety, supporting the needs of young drivers and voicing concerns about the increasing cost of motoring. The RAC’s annual Report on Motoring – first published in 1989 – 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 or follow #racfuelwatch on Twitter. This is a comprehensive guide to the latest UK unleaded petrol and diesel prices – both at the wholesale level and at the pump. RAC Fuel Watch analyses how prices changed through the previous month and compares the most recent prices with those from three, six and 12 months before.
Key facts:
- RAC patrols fix four out of five vehicles at the roadside and on average within 30 minutes
- RAC vans carry more than 500 parts and tools to get members’ vehicles going again
- 92% of members would recommend RAC Rescue to their friends and family
