Latest petrol and diesel fuel prices

Key Statistics

• The average fuel price in the UK is 143.75p per litre of petrol and 153p per litre of diesel.
• Iran, Libya, and Venezuela have the cheapest gasoline prices in the world at 22 PPL (£0.022), 23 PPL (£0.023), and 27 PPL (£0.022) respectively.
• The Isle of Wight is the most expensive region in the UK to purchase petrol with prices peaking up to 150.6p. 
• Northern Ireland is the cheapest place in the UK to buy fuel. As of 13 March 2024, the price of petrol in Belfast (BT) was 138.4p while diesel was 147.6p. 
• The average price of gasoline around the world is £1.03 per litre and diesel is £0.99 litre.
• At £1.451 per litre, the UK currently ranks #145 for cheapest gasoline price in the world (or 25th most expensive place to buy gasoline)
• A litre of gasoline costs £2.446 in Hong Kong, making it the most expensive place to buy gasoline in the word — it would cost £134.53 to fill a 55-litre tank.
• As of 2022, the US ranked #1 for gasoline consumption in the world with 8.81 million barrels per day . The latest value for China is 3.15 million barrels per day in 2021.
• The gap between supermarket fuel prices and the UK average is just 0.52ppl for petrol and 0.57p for diesel as of March 2023. 

The latest average UK fuel prices, as of the 26th of April 2024, are 150.12p for petrol and 158.22p for diesel. 

While petrol and diesel prices are lower than those seen immediately in the wake of the 2022 Russian invasion of Ukraine, the RAC says motorists are still being overcharged and accused supermarket chains of taking overly generous profit margins.

The company, which campaigns on behalf of motorists, has for some time called on the UK's biggest retailers to cut the price of petrol to reflect lower wholesale costs, which have dropped towards the end of 2023. Although the Government cut fuel duty by 5p in the wake of the Russian invasion of Ukraine, the RAC says the move has helped retailers more than drivers – it says the average retailer margin was 13p in a litre for petrol in December, compared to the long-term average of 7p a litre.

The December figures also show that prices on the UK mainland are 5p more expensive than in Northern Ireland

The organisation has called on the government to set up a price monitoring body with powers to take action against big retailers that don't reflect falling wholesale prices.

UK Fuel Prices

Tesco Fuel Prices Today

• Petrol price is 146.5/L at Tesco
• Diesel price is 154.9/L at Tesco

Asda Fuel Prices Today

• Petrol price is 148.0/L at Asda
• Diesel price is 156.0/L at Asda

Morrisons Fuel Prices

• Petrol price is 147.5/L at Morrisons
• Diesel price is 156.5/L at Morrisons

Sainsbury’s Fuel Prices

• Petrol price is 146.4/L at Sainsbury’s
• Diesel price is 154.0/L at Sainsbury’s

Shell Fuel Prices

• Petrol price is 154.1/L at Shell
• Diesel price is 162.3/L at Shell

BP Fuel Prices

• Petrol price is 151.3/L at BP
• Diesel price is 159.2/L at BP

Why are fuel prices still so high?

Although prices have dropped in the past few months, fuel is still more expensive then it was. The simple explanation is that the cost of a barrel of oil has risen. In 2020 the wholesale price of a barrel of crude oil was around $40. 

At the start of January 2022 the cost of oil was $79 but this had risen to $92 by the end of the month and went above $100 per barrel after Russia (the second largest oil producer in the world) invaded neighbouring Ukraine in February 2022, making traders worried about disruption to the global supply chain. 

The price of oil went on to hit $137.72 a barrel on 8 March 2022 – the highest it has been since 2008, although it fell to $109.98 by the end of the month. 

In August 2022 the price of oil dropped under $100 and finished the month on $90.63 a barrel. Prices cames down further in 2023 and by May, the price of a barrel of oil was down to $72.50. At the end of October, prices were hovering around $90 a barrel by the end of 2023 it had dipped below $80. 

When the price of oil rises, fuel retailers usually pass on the cost to consumers at the pumps although they can absorb some of the increases. However, when wholesale prices fall, retailers are reluctant to pass the savings on.

Indeed, fuel retailers have an important role to play in fuel prices. Competition between the 'big four' supermarkets Asda, Tesco, Morrisons and Sainsbury's has helped to reduce prices in the past – when one supermarket giant cuts their fuel prices others often follow. 

In 2023, fuel retailers are once again being heavily criticised for not cutting the cost of fuel at the pumps when the price of oil is dropping.

On 15 December 2023, the cost of a litre of wholesale diesel was 112.3p while petrol was 103.8p.

The UK Government has a significant impact on fuel prices. This is because it controls two major components: fuel duty, which is currently at 52.95p per litre, and the standard 20% VAT rate. These two elements together make up the bulk of the price of petrol and diesel.

Fuel duty was frozen from March 2011 to March 2023, bringing some relief for drivers in the midst of rising prices, while the former Chancellor Rishi Sunak lowered it by 5ppl in the Spring Budget 2023. 

When the Government introduced E10 petrol in England, Scotland and Wales in September 2021 it had an impact on fuel prices as ethanol is more expensive than petrol.

Other factors which influence wholesale prices, according to the RAC, are: oil refinery production and capacity, the pound to dollar exchange rate, as refined fuel is sold in US dollars per metric tonne and distribution costs. 

How much does it cost to fill up the average family car?

As of 7 January 2024, it now costs £77.16 to fill up a Ford Focus (55-litre fuel tank) with petrol and £81.52 to fill up with diesel. 

Which is the most expensive place in the UK to buy fuel?

In November 2023, the South East had the highest average diesel and petrol prices, with drivers paying 163.04ppl for diesel and 155.6ppl for petrol. 

Which is the cheapest place in the UK to buy fuel?

Northern Ireland is the cheapest place in the UK to buy fuel. In November 2023 the average price of petrol in Northern Ireland was 150.02p while diesel was 157.48p. 

Where can I find the cheapest fuel prices near me?

Supermarkets, in general, have the cheapest fuel prices. The big four supermarkets – Asda, Morrisons, Sainsbury's and Tesco – all lowered prices after the 5p fuel duty cut.  BP-owned and Shell-owned fuel stations also applied the 5p cut (6p including VAT).

However, the gap between supermarket fuel prices and the national average in December 2023 was just 2.7ppl for petrol (with the UK average being 140.29p and the average at supermarkets being 137.51p). The difference in the price of diesel was 2.33p (the average price at supermarkets was 148.22p against a national average price of 145.89p) 

As of March 2024, the gap between supermarket fuel prices and the UK average is just 0.52ppl for petrol (with the UK average being 143.49p and the average at supermarkets being 142.97p). The difference in the price of diesel was 0.57p (the average price at supermarkets was 152.15p against the UK average price of 152.69p). 

Why do fuel prices fluctuate?

An increase in the demand for fuel, both domestically and internationally, can cause prices to increase. Fluctuation may arise from interruptions in pipeline supply or refinery maintenance, leading to decreased availability and consequently higher bids for the limited supply.

Are fuel prices going down?

Since the start of the new year 2024, fuel prices have dropped slightly, after straight months of rises in 2023. The latest fuel prices, as of March 2023, are 142.97p per litre for petrol and 152.69p for diesel.

Compared to the start of 2023, prices for petrol in 2024 remain considerably lower – in January 2023, the average price was 155.46p per litre, and that dropped to a low of 143.99p in July. Diesel has been more unstable – it cost an average of 178.94p in January, and just 146.40p in July.

How do fuel prices work?

How often do fuel prices change?

How often do pump prices change in the UK? Fuel prices change whenever there is a significant increase or reduction in the wholesale price of petrol or diesel. Retailers can update their prices to reflect these changes as often as they like.

Who sets fuel prices in the UK?

The price you pay per litre of petrol and diesel depends on wholesale fuel prices (i.e. the price retailers pay to get fuel) which are themselves affected by: the global crude oil price, which fluctuates according to supply and demand of crude oil.

What affects fuel prices?

There are 8 factors that affect fuel prices:

• Global price of crude oil
• Cost of distribution
• Fuel duty charge
• Supply and demand for crude oil
• Exchange rate
• Retailer margin
• VAT
• Refinery production and capacity. 

Even a small change in any of these is reflected in the price of fuel at the pump.

Impact of Fuel Prices on Industries

Fuel is a critical piece of the world economy and a primary source of energy that powers various industries and enables households to sustain their daily lives. However, fuel prices are the result of constantly fluctuating and complex factors on a global scale. Here’s how fluctuations in fuel prices affect various industries:

Transportation

Fuel prices determine the cost of transportation for vehicle owners — and how much travelling they’re willing to do. High fuel prices means higher expenses for drivers and can strain a person’s budgets. Long-distance travel, holidays, and business trips can become more expensive (and less likely to happen or infrequent) due to high fuel prices.

Sources

RAC Fuel Watch, the AA, Experian Catalyst