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Rising diesel costs come as a severe shock to UK drivers, claims RAC

Author : Pankaj Singh | Published Date : 2022-11-04 

Rising diesel costs come as a severe shock to UK drivers, claims RAC

RAC, the British automotive service company, has reportedly claimed that the price of diesel skyrocketed in October because of the Opec+ oil cartel's decision to limit production, seriously shocking the drivers.

According to its data, the average price of diesel increased by 10p ($0.07) per liter to 190.5p ($1.34), making it the third worst monthly increase in history, behind hikes from earlier this year.

The RAC reported that the cost of a full tank of diesel increased by more than $5.67 to $119 as the price of fuel rose to the highest rate of 199.09p ($1.40) per liter in late June.

The price of gasoline also climbed, however less than that of diesel; it went from 162.67p ($1.14) to 166.38p ($1.17) per liter. A full tank now costs $2.27 extra, totaling $103.7.

Britons had noticed a decrease in gas prices over the last 3 months after experiencing persistent record prices earlier this year as Russia's invasion of Ukraine drove up the oil prices.

The US president, Joe Biden, clashed with the Opec+ oil cartel and its associates last month after they agreed to a larger than anticipated reduction in production goal of 2m barrels per day.

The move, driven by Russia and Saudi Arabia, dramatically increased oil prices, from roughly $89 per barrel to about $95. After the war commenced, when prices peaked at $138 a barrel in March, the cost stayed above $100 throughout the early summer and spring, exerting pressure on the pumps.

The high fuel prices sparked accusations of profiteering by fuel merchants, and Markets Authority and the Competition expressed worry about the margins earned by oil refineries.

The political unrest in Westminster last month caused the pound to decline, which increased the price of wholesale diesel and petrol.

According to RAC data, the members-only shop Costco was the cheapest place to refuel. It sold liters of gasoline and diesel for 154p ($1.08) and 176p ($1.23) on average, respectively, 12p ($0.08) and 14p ($0.10) less than the national averages.

Source credit: https://www.theguardian.com/business/2022/nov/03/diesel-prices-uk-motorists-rac-litre

About Author

Pankaj Singh . .

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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