The cost of living crisis might be easing in terms of decreasing inflation and the price of household items in shops, but fuel costs are going the other way - and fast. Motorists faced a 'shock' in August after fuel price rises that were among the steepest in more than two decades, the RAC said.
Petrol prices rose nearly 7p per litre, pushing up the average cost of filling a tank by £3.74, while diesel went up 8p, making a full tank £4.41 more expensive, the motoring organisation said. The rise was even more pronounced in Coventry where the price of unleaded has soared by 10p per litre since the start of August.
The rise in prices at the pumps is being driven by an increase in wholesale costs fuelled by a planned drop in production by the world's leading oil-producing countries, otherwise known as the Organization of the Petroleum Exporting Countries (OPEC).
The RAC, representing drivers, says fuel prices might have crept even higher had it not been for the recent Competition and Markets Authority probe which criticised retailers for ramping up profits unfairly. "They have clearly been influenced by the CMA's investigation as, all of a sudden, margins are once again closer to their longer-term averages," the RAC's fuel spokesman Simon Williams said.
The investigation earlier this year found that weak competition meant supermarket margins on fuel had increased, resulting in extra costs for drivers. As a result, retailers agreed to set up a scheme to allow motorists to compare live fuel prices online.
Until that scheme comes into effect, CoventryLive is fulfilling that price comparison service for you. According to petrolprices.com, these are the 11 cheapest forecourts for unleaded in and around Coventry.
1, Costco, Torrington Avenue, Canley - 143.9p per litre (as at 5/9/23) (members only)
2, Texaco, Sandpits Lane, Keresley - 148.9p (as at 5/9/23)
3=, Morrisons, Holyhead Road, Spon End - 149.7p (as at 30/8/23)
3=, Gulf, Dunchurch Highway, Allesley - 149.7p (as at 1/9/23)
5=, Gulf, Binley Road, Stoke - 149.9p (as at 30/8/23)
5=, Texaco, Black Prince Avenue, Styvechale - 149.9p (as at 30/8/23)
5=, Texaco, Jubilee Crescent, Radford - 149.9p (as at 30/8/23)
5=, Esso, Hinckley Road, Walsgrave - 149.9p (as at 31/8/23)
5=, Esso, Coventry Road, Exhall - 149.9p (as at 31/8/23)
10, Pace, Torrington Avenue, Canley - 150.0p (as at 30/8/23)
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