Petrol & diesel costs shot up in July as volatile price of oil takes its toll

The price of petrol and diesel rose in July as both crept up around 1p per litre, with this latest price hike meaning motorists are spending £70.84 to fill up a 55-litre petrol car, up 59p from June, while a diesel model will cost £72.52 to top up, a 57p rise.

It represents a big rise compared to the same time last year – at the end of the month it cost £7.50 more to fill a petrol car and £8.77 more to fill a diesel.

The figures from the RAC said supermarkets were partly responsible for the July rise, as the average price of unleaded was on average up 1.64p to 125.34p – while diesel rose 1.62p to 128.88p.

Volatility in oil prices also sent the cost of fuel up, as it rose from $70 a barrel to $74 by the end of the month.

RAC spokesperson Rod Dennis said: July saw a return to rising prices at the UK’s forecourts, following some price cuts in the previous month – the rollercoaster effect of rising and falling prices that drivers will have witnessed in recent months is certainly in full swing.

Fortunately for UK drivers, the pound remained stable against the US dollar – which is important as fuel, like oil, is traded in dollars.