UK fuel prices have seen significant increases since October, with petrol up by 5p and diesel by 6p. This rise is attributed to higher oil prices and a weakened pound, making wholesale costs more expensive. The RAC reports that drivers are facing higher prices for the fourth consecutive month, nearly £3 more than October. The CMA has raised concerns over persistently high fuel margins and weakened competition in the fuel market, although there are hopes that prices may decrease if oil prices drop later this year.
It's not been a good start to 2025 for drivers at the pumps with prices going up for the fourth month in a row. Sadly, filling up is now nearly 3 more expensive than it was at the start of October.
While the price of oil can be notoriously volatile, there's reason to think forecourt fuel prices may get cheaper in the coming months as some analysts are predicting an average oil price nearer to 70 US dollars this year.
The sustained increase in the level of fuel margins was concerning, and suggested that overall levels of competition in the road fuel retail market remained weakened.
Drivers are paying more for fuel than they should be... as they continue to be squeezed by stubbornly high fuel margins.
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