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Fuel price rise in February ends three months of cuts

Press Release   •   Mar 05, 2019 00:01 GMT

Three consecutive months of price reductions on the UK’s forecourts came to a crashing halt in February as both petrol and diesel went up.

Data from RAC Fuel Watch shows the UK average price of a litre of petrol increased by just under a penny (0.88p) to 120.42p by the end of the month while diesel climbed more than a penny (1.24p) to 129.88p.

Since the beginning of November 11p a litre came off the average price of unleaded, taking it from 130.61p to 119.60p at the end of January. Diesel also reduced, but not by as much, instead falling 8p a litre from 136.93p to 128.74p over the same period.

As a result of the February price rise, filling up an average 55-litre family car with petrol now costs £66.23 and with diesel £71.43.

The big four supermarkets only raised their prices slightly to 117p for unleaded (up 0.30p) and to 126.10p for diesel (up 0.48p). This was led by Asda, which after more than six weeks of keeping its prices the same, took the decision to pass on slight increases in wholesale prices to its customers.

The price rises were driven by a 5% jump in the price of oil which added $3 across the month taking the barrel price up to $65.13 by the close of February, although at one point it topped $67 – a price not seen since mid-November last year. The increase in the price of crude has been driven by production cuts made by OPEC (Organization of the Petroleum Exporting Countries) in partnership with Russia.

From a driver’s point of view, the oil price increase was softened a little by a 2% strengthening of the pound against the dollar, which is important as fuel, like oil, is traded in dollars. The pound started the month at $1.30 and closed at $1.33. The combination of the oil price rise and the slight strengthening of the pound led to the wholesale price of unleaded rising by under a penny (0.82p) a litre and diesel by 1.82p.

RAC fuel spokesman Simon Williams said: “Drivers will be disappointed to see prices at the pumps going up again after enjoying three months of reductions.

“What they probably aren’t aware of is that retailers, who held off cuts for weeks when they were warranted, instantly raised their prices when they saw the wholesale price go up very slightly. This is unfortunately clear proof of the infamous ‘rocket and feather’ pricing strategy where prices go up like a rocket and fall like a feather.

“Even the cheapest supermarket fuel retailer Asda which held its average petrol price at 113.7p since mid-January flinched, adding more than 1.5p a litre in four days. It will be interesting to see if this comes off again as the wholesale price eased almost straightaway.

“Currently, retailers should actually be reducing their unleaded prices a little, but it remains to be seen whether they will pass on the savings to drivers on the forecourt. Based on their current track record you would have to say this seems unlikely.”

Regional fuel price variation

Regional average unleaded pump prices

London and the North East suffered the biggest rises in the price of unleaded, with 1.18p added on their forecourts. The South East had the dearest petrol at both the start and end of the month but only saw 0.71p go on to its average price. Wales saw the smallest increase and also had the cheapest petrol by the close of February.

Unleaded 31/01/2019 28/02/2019 Change
UK average 119.60 120.42 0.82
London 119.94 121.12 1.18
North East 117.95 119.13 1.18
North West 118.95 119.95 1.00
Scotland 118.91 119.90 0.99
West Midlands 119.41 120.32 0.91
East Midlands 119.65 120.53 0.88
East 120.37 121.10 0.73
South East 120.62 121.33 0.71
Yorkshire And The Humber 118.90 119.53 0.63
South West 120.16 120.74 0.58
Northern Ireland 118.56 119.08 0.52
Wales 118.76 119.06 0.30

Regional average diesel pump prices

London also endured the greatest increase in the price of diesel and had the most expensive price by the end of the month with a litre going up by 1.53p to 130.67p. At 1.28.18p Northern Ireland had the lowest price diesel in the UK.

Diesel 31/01/2019 28/02/2019 Change
UK average 128.74 129.88 1.14
London 129.14 130.67 1.53
West Midlands 128.51 129.83 1.32
East Midlands 128.70 129.97 1.27
East 129.14 130.34 1.20
Northern Ireland 127.00 128.18 1.18
North West 128.38 129.51 1.13
North East 127.80 128.90 1.10
South East 129.57 130.63 1.06
Scotland 128.93 129.98 1.05
Wales 128.27 129.29 1.02
Yorkshire And The Humber 128.25 129.25 1.00
South West 129.11 130.09 0.98

Green – cheapest/least; red – most expensive/most

Motorists can keep abreast of the latest fuel prices by visiting the RAC Fuel Watch webpage.

Notes to Editors

For all media enquiries, please contact the RAC press team on +44 (0)1454 664 123. The line is manned by an on-call press officer outside office hours. ISDN radio studio facilities are available for interviews Monday to Friday.


About the RAC

First formed in 1897, the RAC has been looking after the needs of its members for more than 120 years.

Today it has more than eight million members and is one of the UK’s most progressive motoring organisations, providing services for both private and business motorists. Whether it's roadside assistanceinsurancebuying a used carvehicle inspections and checkslegal 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 supports the interests of its members and UK drivers at a national level. This includes voicing concerns about the increasing cost of motoring, particularly the price of fuel and the high level of tax levied on it, advancing levels of road safety, and supporting the needs of all drivers, from young to old.

The RAC’s annual Report on Motoring – first published in 1989 – is one of a kind and 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. It provides a comprehensive guide to the latest UK unleaded petrol and diesel prices – both at the wholesale level and at the pump - and tracks these prices daily to help drivers check if the price they pay to fill up is a fair one.