UK Motorists to Pay More Per Litre as Fuel Prices Rise Amid Falling Oil Costs

Oil prices have come down, but fuel prices go up. UK motorists may need to pay 6p more per litre. Some call fuel retailers “greedy rip-offs.”

Another Increase 

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It was recently announced that UK motorists are going to pay an extra 6p a litre when filling up on fuel. 

People May Be Put Off Driving 

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Even if using your own transportation could seem more convenient, it might not be the most economical if fuel prices continue to increase. 

A Staggering £1.6 Billion 

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The increase is said to cost motorists around £1.6 billion, The Sun reported. Analysts are suggesting that this fuel increase could very well be the steepest since 2019, according to the report. 

The Fuel Gap 

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Parkers reported that there is a vast gap in fuel prices between retailers. 35.2p is the current gap between petrol providers and diesel at a more significant gap of 38.2p. 

6p Profits for Some Retailers 

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Petrol retailers are making 6p in profit per litre, which might be great for the retailer, but not for the motorist. 

ASDA Used To Lead the Pack: Inexpensive 

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Compared to a time when ASDA was doing better, it remained a favourite amongst motorist looking to get a good deal when filling up at their petrol garages. However, times have changed. 

ASDA No Longer Affordable  

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According to The Sun, the company had less competition and changed after the acquisition. As a result, ASDA fuel is no longer considered affordable. 

2023 Sees More Fuel Expenditure

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Sarah Cardell, the chief executive of Competition and Markets (CMA), told the Sun that the fuel increase was already over £1.6 billion in 2023 alone.  

Missing the Competition 

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Fuel prices are high despite the lower oil costs. Cardell told The Sun that there was a lack of competition to regulate the prices. Without competition, fuel prices could become unpredictable. 

Falling Oil Prices Benefits 

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With lower oil prices, the UK economy should see some positive results. According to PwC, lower oil should pave the way to more employment, manufacturing, and investment.   

Work With the UK Government

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CMA Chief Executive told The Sun that working with the government to increase the competition could serve well. 

2023 CMA Review

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According to Reuters, last year’s CMA review included important pointers. These addressed what could be done to aid consumer transparency and prevent steep fuel costs in a high economy. 

Thinking About the Consumer 

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The former secretary of finance, Jeremy Hunt, said in a statement on X (formerly Twitter), “when their consumers are feeling the pinch, retailers should not be charging over the odds for fuel as some have been.”

CMA Chief Has a Vision

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In a statement, Cardell said, “one year on and drivers are still paying too much. We want to work with government to put in place our recommendation of a real-time fuel finder scheme to kick start competition among retailer.” 

“Arm Drivers”

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The CMA chief also announced that the consumer should be in control of what they pay. She said she wants drivers to be armed with an easier way to find the most affordable fuel prices to fill up. She suggested doing this via sat-nav, mobile apps, or maps, The Sun reports. 

Save Nearly £5

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Cardell confidently said that the “fuel finder scheme” should save drivers up to £4.50 when filling the tank.

Other Options for Consumers to Help Save Fuel

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The economy is challenging, and many UK drivers truly feel the crunch each time they need to fill up. However, some options could help while the government works out a way to ease fuel costs.  

Electric Vehicles Might Work for Some 

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While electric vehicles use zero fuel, they aren’t the most affordable cars around. Many people still opt for fuel-operated because they are the cheaper option.

Smaller Engines 

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Drivers may choose a smaller car with a less powerful engine or a smaller engine that won’t burn fuel as quickly. Naturally, aspirated engines could save you money as they don’t need as much fuel. 

And You?

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Are fuel costs putting a damper on your motoring freedom? 

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