Simply Business homepage
  • Business insurance

    Business insurance covers

  • Support
  • Claims
  • Sign In
Call Us0333 0146 683
Our opening hours
Knowledge centre

Record fuel prices set to rise even further

2-minute read

Anna Delves

12 June 2018

Share on FacebookShare on TwitterShare on LinkedIn

The prices of both petrol and diesel have skyrocketed, meaning it now costs over £10 more on average to fill up than it did this time last year.

But unfortunately for motorists, the bad news doesn’t stop there. Despite being at their highest since 2014, fuel prices look set to rise even further.

Why has the cost of fuel risen?

Fuel prices have risen because of a similar rise in the cost of crude oil. A spokesperson from the AA said: “The industry’s rule of thumb is that a \$2 change in the price of oil, at a constant exchange rate, causes a 1p change at the pump.”

At the start of this month, crude oil hit $72 a barrel, up from $61 in March. It's the highest it’s been since late 2014.

How much does fuel cost now?

In the first week of June, petrol prices were at 129.2p a litre, and diesel at 132.4p a litre, both up 0.5p from the end of May.

This is a rise of 14.7p and 17p respectively from this time last year. This means it now costs petrol car and van drivers an extra £9.55 on average for a full tank, and £11.05 more for those whose vehicles run on diesel.

Where does fuel cost the most in the UK?

It’s not surprising to hear that the cheapest fuel prices are to be found in the north. At the time of writing, you can get a full tank of petrol for £3.77 less in Liverpool than in West London, and Bradford drivers can expect to fill up for £3.58 less than those in the capital.

Scotland boasts some of the most and least expensive fuel costs, with Edinburgh the third cheapest in the UK for both petrol and diesel. Lerwick and the Outer Hebrides top both lists for most expensive.

UK Petrol prices

CheapestMost Expensive
126.7p - Liverpool138.1p - Lerwick
126.7p - Bradford134.2p - Outer Hebrides
126.8p - Edinburgh132.6p - Kirkwall
126.8p - Wigan132.5p - West London
127.0p - Cleveland132.4p - Sutton

UK Diesel prices

CheapestMost Expensive
129.8p - Bradford140.8p - Lerwick
130.0p - Lincoln137.4p - Outer Hebrides
130.3p - Edinburgh135.5p - Kirkwall
130.3p - Halifax135.3p - Sutton
130.4p - Blackpool135.3p - West London

How much will the cost of fuel rise by in future?

As well as the price of crude oil, there are a number of other factors that could affect how much you pay at the pump. The pound is not performing well against other currencies at present – it's at a four month low against the dollar, which is exacerbating the problem.

Industry experts are warning the price of petrol could rise by a few more pence a litre in the near future. So, if you rely on your vehicle for your business, it’s worth taking a look over your finances to check you can cope with the rising cost of fuel.

Are you protecting your trade?

As the UK's biggest business insurance provider, we specialise in public liability insurance and protect more trades than anybody else. Why not take a look now and build a quick, tailored tradesman insurance quote?

Start your quote

We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer

Find this article useful? Spread the word.

Share on Facebook
Share on Twitter
Share on LinkedIn

People also liked

19 November 20202-minute read

Landlords could be targeted in new capital gains tax raid

Landlords could be hit by another massive tax raid, as the Office of Tax Simplification outlines its recommendations for an overhaul of…

Read more

Keep up to date with Simply Business. Subscribe to our monthly newsletter and follow us on social media.

Subscribe to our newsletter


Popular articlesBusiness resources from FarillioGeneral businessGuestInsuranceLandlordLandlord resources from FarillioLegal and financeMarketingNewsOpinionProperty maintenanceTradesmanCovid-19 business support hub


6th Floor99 Gresham StreetLondonEC2V 7NG

Sol House29 St Katherine's StreetNorthamptonNN1 2QZ

© Copyright 2022 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.