The difference between the average price of petrol and diesel has surpassed 20p a litre for the first time, new figures show.
RAC Fuel Watch data has shown that as of Wednesday (October 12), drivers were paying an average of 163.13p for a litre of unleaded, whereas diesel had climbed to 183.94p a litre – a difference of 20.35p a litre.
RAC fuel spokesperson Simon Williams said: “Since OPEC and its allies agreed to reduce oil supply substantially we’ve seen the price of wholesale diesel go up by 9p a litre and petrol by 4p a litre. This has led to the average price of diesel going up by almost 4p a litre and petrol by nearly a penny.
RAC fuel spokesperson Simon Williams said: “Since OPEC and its allies agreed to reduce oil supply substantially we’ve seen the price of wholesale diesel go up by 9p a litre and petrol by 4p a litre. This has led to the average price of diesel going up by almost 4p a litre and petrol by nearly a penny.
“Sadly for diesel drivers, the situation seems certain to get worse with prices heading back to 190p a litre which will add £3 to the cost of a tank (£104.5).”
For 2023, world oil demand growth is revised down to stand at about 2.3 mb/d. The OECD is projected to grow by about 0.4 mb/d, and the non-OECD by about 2.0 mb/d. #MOMR pic.twitter.com/YUX1nKwcaR
— OPEC (@OPECSecretariat) October 12, 2022
The wholesale price of oil has seen an increase as a result of the announcement from oil producer group OPEC+ that it would be cutting production by two million barrels a day. As a knock-on effect, the wholesale price of refined fuel has increased with oil trading above $90 a barrel, despite having been below that mark at the end of last month.
Subscribe or register today to discover more from DonegalLive.ie
Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.
Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.