{"id":240687,"date":"2023-10-04T12:19:59","date_gmt":"2023-10-04T12:19:59","guid":{"rendered":"https:\/\/automotobuzz.com\/?p=240687"},"modified":"2023-10-04T12:19:59","modified_gmt":"2023-10-04T12:19:59","slug":"petrol-and-diesel-prices-soar-as-oil-price-nudges-100-a-barrel","status":"publish","type":"post","link":"https:\/\/automotobuzz.com\/car-reviews\/petrol-and-diesel-prices-soar-as-oil-price-nudges-100-a-barrel\/","title":{"rendered":"Petrol and diesel prices soar as oil price nudges $100 a barrel"},"content":{"rendered":"<h2>Filling station profit margins in the spotlight again, as OPEC production cuts force the price of fuel up in September<\/h2>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.autoexpress.co.uk\/image\/private\/s--RXMKV5QQ--\/f_auto,t_author-mobile@1\/v1649247551\/autoexpress\/2022\/04\/Chris%20Rosamond.jpg\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.autoexpress.co.uk\/image\/private\/s--5JKdgKS9--\/f_auto,t_primary-image-mobile@1\/v1562249582\/autoexpress\/fuel-duty-delayed.jpg\"><\/p>\n<p>Drivers are facing another round of rocketing fuel prices, with diesel soaring by 8p per litre last month, on top of a similar 8p rise in August. Petrol rose by 4.5p per litre last month, and 7p in August, with RAC Fuel Watch once again pointing to unfair overpricing on the forecourts.<\/p>\n<p>\u201cOur analysis of wholesale and retail data shows that petrol is currently overpriced by around 7p a litre, although the price of diesel is likely to go up further still in the coming weeks,\u201d says RAC fuel spokesman Simon Williams.<\/p>\n<ul>\n<li><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.autoexpress.co.uk\/image\/private\/s--u8_cAwm2--\/f_auto,t_related-embed-mobile@1\/v1646917487\/autoexpress\/2022\/03\/Fuel%20prices%20-3.jpg\">UK petrol and diesel prices: latest fuel costs explained <\/li>\n<\/ul>\n<p>The RAC says it\u2019s \u201cworrying\u201d that wholesale price changes aren\u2019t being reflected fairly on supermarket and other filling station forecourts, in spite of the big four supermarkets being hauled over the coals by the Competitions and Market Authority for overcharging motorists to the tune of \u00a3900m in 2022.<\/p>\n<p>\u201cIn the last two weeks the wholesale cost of diesel has become 10p a litre more expensive than petrol, yet the gap at the pumps is only 5p,\u201d says Williams. \u201cIf retailers as a whole were playing fair with drivers, petrol would be at least 7p cheaper than it is now, down to around 150p from its current average of 157p.\u201d<\/p>\n<p>According to the RAC, this demonstrates the need for a price monitoring body that was recommended by the CMA report: \u201cThe setting up of this body cannot come soon enough, as long as it has some form of teeth to keep retailers in line,\u201d says the RAC spokesman.<\/p>\n<ul>\n<li><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.autoexpress.co.uk\/image\/private\/s--wZjwFz1R--\/f_auto,t_related-embed-mobile@1\/v1597771775\/drivingelectric\/2018-10\/2040_petrol_diesel_ban.jpg\">How to find the cheapest petrol and diesel near you<\/li>\n<\/ul>\n<p>Aside from retailers boosting margins, upwards pressure on prices is primarily coming from a decision by oil producing states within the OPEC+ group &#8211; which includes Saudi Arabia and Russia &#8211; to reduce output and try to restrict global supplies of oil. During September the price of a barrel of oil on the global market rose from $89 to $96 &#8211; close to its $100+ price of just over a year ago.<\/p>\n<p>There could be a glimmer of light on the horizon for hard-pressed drivers, though, as analysts at US bank Citigroup have forecast barrel prices could fall to $70 in 2024, due to the sluggish world economy &#8211; and the fact that \u201cpeak transport demand\u201d is looming.<\/p>\n<p>\u201cDemand looks constrained as the pandemic recovery factors continue to ease off and peak transport fuel demand looms, while supply is growing in non-OPEC+ suppliers,\u201d Citibank\u2019s head of commodities research Ed Morse has predicted.<\/p>\n<p><em><strong>Want the latest car news in your inbox? Sign up to the free Auto Express email newsletter&#8230;<\/strong><\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.autoexpress.co.uk\/consumer-news\/361123\/petrol-and-diesel-prices-soar-oil-price-nudges-100-barrel\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Filling station profit margins in the spotlight again, as OPEC production cuts force the price of fuel up in September<\/p>\n","protected":false},"author":2,"featured_media":240686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Petrol and diesel prices soar as oil price nudges $100 a barrel - AutoMotoBuzz.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/automotobuzz.com\/car-reviews\/petrol-and-diesel-prices-soar-as-oil-price-nudges-100-a-barrel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Petrol and diesel prices soar as oil price nudges $100 a barrel - 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