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Sterling fall fuels rise in pump prices

By Neil Lancefield

The price of petrol rose more in October than in any month since February 2013, new figures show. The RAC's fuel data also revealed that diesel prices rose at the fastest rate since May 2008.

A combination of a weak pound and rising oil prices led to average petrol prices rising by 4.4p per litre, from £1.12 on October 2 to £1.17 on October 31, the motoring organisation said.

Diesel increased by 5.2p per litre, ending the month at £1.13.

The average price of both fuels is now at the highest level since July last year.

RAC fuel spokesman Simon Williams said: "October 2016 was an historic month for UK pump prices for all the wrong reasons.

"The effects of the weak pound have really been felt on the wholesale market, and this, combined with an oil price at nearly double its lowest level in 2016, has put significant upward pressure on wholesale fuel prices.

"Retailers have had no choice but to reflect these dramatic increases in the prices they charge at the pumps.

"Certainly, we are a long way from the remarkably low fuel prices enjoyed by families and businesses early in 2016, when the average price of unleaded was around £1.02 per litre and diesel was £1.01."

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