***Autumn Budget 2024*** In what will come as a huge relief for motorists, Fuel Duty is set to be frozen next year, freezing what would have been a 7p/litre increase.
We know how important it is to stay up-to-date with fuel prices. That's why we've created this essential guide. Find out the latest fuel prices in the UK, and gain insights into the key trends defining the international market.
The latest average UK fuel prices, as of the 19th of December 2024, are 136.62p for petrol and 142.57p for diesel.
Latest Fuel Prices: UK Petrol and Diesel Prices
How much is fuel in the UK? The latest average fuel prices from major UK supermarkets and brands
Supermarket/Brand
- Tesco Fuel Prices
- Asda Fuel Prices
- Morrisons Fuel Prices
- Sainsbury's Fuel Prices
- Shell Fuel Prices
- BP Fuel Prices
Current petrol price per litre (ppl)
- 134.0
- 133.3
- 133.7
- 133.6
- 138.9
- 137.7
Current diesel price per litre (pence per litre)
- 139.3
- 139.0
- 140.0
- 139.4
- 145.2
- 144.1
Key Statistics
- Hong Kong has the highest fuel prices in the world, at $3.31 per litre of petrol as of November 2024. That means it would cost $182.05 to fill up a 55-litre car.
- The top 5 most expensive countries to buy fuel (per litre) are:
- Hong Kong ($3.31).
- Singapore ($2.84).
- Iceland ($2.22).
- Netherlands (($2.16).
- Switzerland ($2.15).
- The cheapest countries to buy fuel (per litre) are Venezuela ($0.02), Kuwait ($0.28) and Egypt ($0.31).
- The Isle of Wight is the most expensive region in the UK to purchase petrol with prices peaking up to 150.6p. Prices vary depending on location, competition, and market dynamics.
- Northern Ireland is the cheapest place in the UK to buy fuel, with average prices at 139.1p for petrol and 148.1p for diesel (as of March 2024).
- The average price of gasoline around the world is £1.03 per litre and diesel is £0.99 litre.
- In 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 United States has the highest fossil fuel consumption per capita.
- The UK produces around 39% of its electricity from fossil fuels. Falling fuel prices have been identified by the Office for National Statistics as a significant factor contributing to a decrease in the headline inflation rate.
Want to know how much your road tax will be? Check out our guide to the latest VED car tax rates.
How much is a litre of petrol in the UK?
As of September 2024, unleaded petrol costs an average of 137.85p per litre, including VAT.
How much is diesel per litre?
As of September 2024, diesel costs an average of 142.62p per litre, including VAT.
What are the average monthly road fuel prices in the UK?
The average UK petrol price per litre and diesel price per litre in 2024
Date
- January 2024
- February 2024
- March 2024
- April 2024
- May 2024
- June 2024
- July 2024
- August 2024
- September 2024
- October 2024
Unleaded Pump Price (pence per litre)
- 139.78
- 142.90
- 145.45
- 149.51
- 149.37
- 145.98
- 145.79
- 143.25
- 137.85
- 134.86
Diesel Pump Price (pence per litre)
- 147.62
- 151.30
- 154.13
- 157.99
- 157.16
- 151.15
- 151.06
- 148.03
- 142.62
- 139.51
Average UK Fuel Prices
Why are fuel prices still so high?
Overall pump prices have decreased recently, but still remain far above pre-2019 levels. Supermarket fuel margins (the difference in cost for retailers for acquiring fuel and revenue generated from its sale) are also up - between May and August 2024, fuel margins for supermarkets increased from 7.0% to 8.1%.
Retailers' increased fuel margins are at a historically high level. In 2023, these higher margins resulted in drivers' fuel costs increasing by an estimated £1.6 billion.
Fuel prices increase when the cost of a barrel of oil rises. There are many reasons for this. Fuel prices are currently high (compared to pre-COVID) because of the after-effects of the pandemic and the continuing war in Ukraine. Fluctuations in oil prices can affect wholesale fuel prices, which in turn impact consumer prices, emphasising the complex relationship between oil prices, currency exchange rates, and retail pricing strategies.
Since 2020, wholesale Brent crude oil was trading for around $40 a barrel (in April that year it even briefly dropped below $20 a barrel). Prices have increased since then, partly driven by factors like the end of the pandemic (massive increases in demand in a short space of time) and Russia's invasion of Ukraine.
In 2022, prices briefly increased beyond $120 a barrel ($123 in May), higher than any point since 2014. Prices have fallen since then, but as of the 4th June 2024, the price per barrel is $77.52 - almost double the price compared to the same point in 2020.
When the price of oil rises, fuel retailers usually pass on those costs to consumers, even if they absorb some of the increases. However, when wholesale prices fall, retailers are reluctant to pass on the savings.
For the regular motoring population, fuel retailers are hugely important. 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. The price of petrol in UK supermarkets is largely dependent on the international price.
In 2023, fuel retailers were heavily criticised for not cutting the cost of fuel at the pumps when the price of oil dropped.
The UK Government also has a significant impact on fuel prices. It controls two major components: fuel duty, which is currently at 52.95p per litre, and the standard 20% VAT rate. These two elements make up the bulk of the price of petrol and diesel.
Fuel Duty
Fuel duty in the UK is currently 52.95p per litre. This is levied at a flat rate for every litre of fuel - petrol, diesel and other fuel products - bought. In 2023/24, fuel duty is estimated to raise £24.7 billion, accounting for 0.9% of national income.
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 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.
In the 2024 Autumn budget, the government announced that fuel duty would remain at 52.95p per litre.
How much does it cost to fill up the average family car?
As of September 2024, it costs £75.82 to fill up a Ford Focus (55-litre fuel tank) with petrol and £78.441 to fill up with diesel.
Which is the most expensive place in the UK to buy fuel?
The South East usually has the highest average diesel and petrol prices, so the petrol price in London and other major South-Eastern towns and cities are normally higher than the rest of the UK. In March 2024, drivers in the South-East paid an average of 154.6ppl for diesel and 146.1ppl 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 March 2024 the average price of petrol in Northern Ireland was 139.1p while diesel was 148.1p.
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).
In March 2024, the gap between supermarket fuel prices and the UK average was 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).
How much is a gallon of petrol in the UK?
As of July 2024, petrol costs an average of 551.87 pence per gallon, including VAT (based off of 145.79 pence per litre).
How much is a gallon of diesel in the UK?
As of July 2024, diesel costs an average of 571.82 pence per gallon, including VAT (based off of 151.06 pence per litre).
The average monthly road fuel prices in the UK 2023
How much is petrol per litre? The average monthly petrol and diesel retail prices
Date
- January 2023
- February 2023
- March 2023
- April 2023
- May 2023
- June 2023
- July 2023
- August 2023
- September 2023
- October 2023
- November 2023
- December 2023
Petrol price
- 148.8
- 148.3
- 147.2
- 146.9
- 144.7
- 143.6
- 143.5
- 149.1
- 155.5
- 156.2
- 150.8
- 141.8
Diesel price
- 171.1
- 168.5
- 165.5
- 161.1
- 153.9
- 145.5
- 144.4
- 151.0
- 159.4
- 162.6
- 158.1
- 149.7
How do regional fuel prices compare?
Cost of petrol and diesel in different parts of the UK (as of March 2024)
Region
- UK average
- Northern Ireland
- Scotland
- Wales
- North East
- North West
- Yorkshire and the Humber
- West Midlands
- East Midlands
- Essex and East Anglia
- London
- South East
- South West
Unleaded Petrol price (pence per litre)
- 145.3
- 139.1
- 144.9
- 144.2
- 144.3
- 145.0
- 144.5
- 145.6
- 145.4
- 145.9
- 146.7
- 146.1
- 145.2
Diesel price
- 153.9
- 148.1
- 153.3
- 152.8
- 152.6
- 153.3
- 152.8
- 153.3
- 153.5
- 153.5
- 154.8
- 154.6
- 153.2
What makes up the cost of a litre of petrol?
Breakdown of the average UK price of petrol (as of October 2024)
Element
- Wholesale petrol (90%)
- Bio content (up to 10%) - E10
- Delivery and oil company
- Retailer margin
- Fuel duty
- VAT at 20%
Pence per litre
- 40.04
- 6.48
- 1.70
- 11.07
- 52.95
- 22.45
Percentage of total price
- 30%
- 5%
- 1%
- 8%
- 39%
- 17%
Why do fuel prices fluctuate?
Fuel prices fluctuate due to supply and demand - as demand increases, so do prices. Fluctuation may also arise from interruptions in pipeline supply or refinery issues, leading to decreased availability and consequently higher bids for the limited supply. Therefore, it is crucial to compare fuel prices to save money, as even small differences can add up over time, especially for regular refuelers.
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. As of November 2024, the average fuel price in the UK is 136.03p per litre for petrol and 141.42p for diesel.
Compared to 2023, prices for petrol in 2024 remain considerably lower – in January 2023, the average price was 155.46p per litre, but the petrol price decrease saw average prices of 143.99p in July that year. Diesel has been more unstable – it cost an average of 178.94p in January, and just 146.40p in July. Falling fuel prices have been identified by the Office for National Statistics as a significant factor contributing to a decrease in the headline inflation rate.
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. Electric car owners generally avoid these fluctuations, benefitting from lower running costs and home charging options.
Countries with the Highest Crude Oil Exports 2023
Countries with the highest amount of crude oil exports in 2023 by revenue and barrels
Country
- Saudi Arabia
- Russia
- Canada
- Iraq
- United States*
- United Arab Emirates (UAE)
- Nigeria
- Norway
- Kuwait
- Brazil
Crude Oil Exports Value (USD)
- $138 billion
- $113 billion
- $81.2 billion
- $72 billion
- $67.6 billion
- $58.5 billion
- $41.8 billion
- $41.5 billion
- $40.1 billion
- $30.7 billion
Barrels per Day
- 12.4 million
- 10.6 million
- 4.8 million
- 4.3 million
- 11.9 million
- 3.24 million
- 1.72 million
- 2 million
- 2.71 million
- 2.24 million
Global Fuel Prices
- The average price of gasoline around the world is £1.03 per litre.
- The average price of diesel around the world is £0.99 per litre.
- 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.
- At £1.548 per litre, the UK ranked #159 for cheapest diesel price in the world (or 10th most expensive place to buy diesel) in March 2024.
- 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.
- In 2022, the US consumed 4.3 million barrels of diesel and heating oil per month. China’s data from 2021 puts it in second place with 3 million barrels per day.
- Russia is the third biggest gasoline market in the world with 829.65 thousand barrels consumed per day.
- The UK consumed 608.06 thousand barrels of diesel and heating oil in 2022, the 9th highest consumption in the world.
Crude Oil
Petrol and diesel are created (or 'refined') from crude oil, a form of fossil fuel. Other fossil fuels include coal and natural gas - all of these are formed from the decomposition of plants and animals over millions of years.
- The leading oil-producing countries in 2023 were:
- United States - 19.358 million barrels
- Saudi Arabia - 11.389 million barrels
- Russia - 11.075 million barrels
- Canada - 5.653 million barrels
- Iran - 4.662 million barrels
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.
- Fuel can account for 25% to 30% of a freight company's costs.
- Road haulage costs in the UK rose by 15% at the start of 2022, impacting businesses and customers along supply chains.
Manufacturing
Fuel is a significant and unavoidable expense for many businesses, particularly those in logistics, transportation, and manufacturing. High fuel prices can increase operating costs and reduce competitiveness. This can, in turn, lead to higher production costs and final product prices, which is reflected in prices for the customer.
Agriculture
The effect of high fuel cost on agriculture is the same for most sectors: farm produce has to be moved from the farm to the final consumer, or to the processing plant and then to the consumer — this transportation depends on fuel. Tractors and other machines also need fuel.
Aviation
On average, the largest operating costs for airlines are the companies' fuel expenses and those expenses related to the procurement of aeroplane fuel. Fuel costs are such a huge part of an airline's overhead percentage-wise that even the slightest fluctuation in the price of oil is bound to affect the airline's bottom line.
What effect does a rise in fuel prices have on product prices?
When fuel prices increase, the cost of almost all products are bound to increase too — especially products that go through a fuel-dependent manufacturing/processing stage or that need to be transported to the consumer.
Sometimes the effect of increased fuel prices may be indirect. For instance, a tailor may not need fuel to make clothes. But since they pay more for deliveries of materials and to distribute their products, then they’ll likely include that cost in the price of their clothes.
RAC Fuel Watch, the AA, Experian Catalyst, Investopedia, Our World In Data, CBC, OPEC, Norsk Petroleum, The Guardian, Reuters, EIA, My NRMA, Get Road Trip, PetrolPrices, Fleet News, Lookers, Birmingham Mail, Yahoo News, Energy, Global Petrol Prices, The Global Economy, Energy Inst, BP, OEC, World's Top Export, Our World in Data, Office for Budget Responsibility, TEG, Hemisphere Freight Services Ltd., CMA
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