Fuel prices rose for the third month in a row in December, but remain close to late 2019 levels, new RAC data shows.
Petrol finished 2024 at an average of 136.9p across the UK, up a third of a pence (0.36p), while diesel rose two-thirds of a pence (0.67p) to 142.9p. Petrol has increased from 135p at the start of October and diesel from 139.5p, according to the RAC Fuel Watch.
The average price paid for petrol over the whole of 2024 was 142p. Prices fell to under 140p a litre in early September and then reached a year-low of 134.3p in early October. That’s down from a high of 150.6p at the end of April; compared to this, drivers are now saving 14p a litre when they fill up, or £7.70 for a full 55-litre family car tank.
Diesel averaged 148.7p throughout 2024. Prices dropped below 145p in early September, but fluctuated a little more, briefly reaching a year-low of 139p in early October. Diesel’s year-high was 158.7p, also at the end of April – compared to then, drivers are now 16p a litre better off, or £8.80 for a complete fill-up.
The current cost of filling an average family car with petrol is just over £75 (£75.30) and diesel is a little under £79 (£78.60).
Average prices at the UK’s 1,500 supermarket forecourts now stand at 134p for unleaded and 139.5p for diesel – 3p less than the UK averages, or a saving of £1.65 a tank.
Pump prices were broadly stable in December due to oil continuing to trade between $72 and $75 a barrel while with the pound-to-dollar exchange rate stayed around $1.26. Fuel, like oil, is traded in dollars and the exchange rate can make a significant difference to the price drivers pay on the UK’s 8,300 forecourts.
But average retailer margins are still well above the long-term figures; as acknowledged by the Competition and Markets Authority in its November interim report. The CMA remains concerned about the lack of competition between retailers.
RAC head of policy Simon Williams said: “As the Government has committed to introducing a mandatory fuel price reporting scheme this year, we’re hopeful this will eventually lead to greater competition and fairer prices across the country’s forecourts.”
