Unfortunately for fleets, new figures from the RAC have confirmed that the price of diesel has now reached a seven-year high…
Diesel Prices Soar
New research, conducted by the RAC, has yielded some depressing news for fleets. The price of diesel has now reached a seven-year high. On average, diesel cost 137.06p per litre in July; the most expensive since 2013. But the bad news doesn’t stop there.
Petrol prices are surging, too; reaching an eight-year high. As of now, a driver filling up a typical, 55-litre vehicle with petrol is now paying £3.08 more than they did at the start of June – and £11.47 more than they were a year ago. It’s a similar picture for diesel. Filling up a similar vehicle costs £2.90 more than it did at the start of June, and £10.46 more than it did last year.
No Reversal In Sight
Simon Williams, the RAC’s fuel spokesman, commented on the rising prices. He said, “right now it’s hard to see what it will take for prices to start falling again. While we’re not past the pandemic by any means, demand for oil is likely to continue to increase as economic activity picks up again, and this is likely to have the effect of pushing up wholesale fuel prices, costs which retailers are bound to pass on at the pumps”.
He added, “unless major oil producing nations decide a new strategy to increase output, we could very well see forecourt prices going even higher towards the end of the summer”.
In other words, drivers (fleet or otherwise) are facing high prices at forecourts and with no sign of them going down anytime soon. Given the economic disruption caused by the coronavirus pandemic, this could exert a real strain on struggling motorists and businesses.
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