Newtown drivers hit by soaring fuel prices

New figures reveal that British drivers were burdened by an abrupt increase of 8p per litre in diesel prices last month.

The RAC reports that the average cost of diesel at UK forecourts rose from 154.8p at the beginning of September to 163.1p by the month's end, marking the fifth-largest monthly surge since the year 2000.  In addition, petrol prices also experienced a notable hike of nearly 5p per litre, climbing from 152.5p to 157.0p over the same period.

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In Newtown, current petrol prices are:

Data provided by PetrolPrices.com. List is accurate to today (4th October 2023).

Analysts at the RAC attribute these price hikes to a combination of factors. Firstly, oil producer group OPEC+ has restricted global supply, contributing to the surge in fuel costs. Moreover, the weakening value of the British pound against the US dollar, which is utilized for fuel trading, has also played a role in driving up prices.

Addressing the disheartening situation, Simon Williams, the RAC's fuel spokesperson, expressed concern over the strains faced by drivers at the pumps:

"There's little respite whichever fuel drivers use. Our analysis of RAC Fuel Watch data highlights that petrol is currently overpriced by approximately 7p per litre, and unfortunately, the price of diesel is expected to rise further in the upcoming weeks."

Williams further called attention to the discrepancy in retailer margins within the petrol industry. Despite the Competition and Markets Authority reprimanding major supermarkets for overcharging drivers by £900 million in 2022, the prevalent overpricing persists.

He said:

"It's worrying that the retailer margin across the UK is higher for petrol than it should be, considering the actions of the big four supermarkets.

Though many have voluntarily started publishing their prices ahead of legal requirements, we still observe a situation where wholesale price fluctuations are not being fairly reflected at the forecourt."

With fuel costs on the rise, drivers face mounting challenges that demand swift attention and action to alleviate their economic burden.