Petrol and diesel prices rising at the fastest rate in the last EIGHT years
It now costs £64.20 to fill an average-sized 55-litre petrol family car, with a similar diesel car costing £65.25 per tank to fill
DIESEL prices are rising at their fastest rate since 2008 - soaring more than 5p in the past month.
Unleaded is also on the rise and both fuels are now at their highest levels since July last year.
Average petrol prices rose 4.39p per litre from 112.34p at the start of October to 116.73p at the end. Diesel went from 113.48p to 118.65p - up 5.17p.
It now costs £64.20 to fill an average-sized 55-litre petrol family car, with a similar diesel car costing £65.25 per tank to fill.
It comes as news that diesel drivers may face a pollution levy for driving in 16 city centres, including Leeds, Derby, Nottingham, Birmingham, London and Southampton, by 2020.
Rising oil prices and a weaker pound are behind the rise. But there is some good news for motorists - pump prices should stabilise or even fall in November since the cost of oil has started to decline.
RAC fuel spokesman Simon Williams said: “October 2016 was an historic month for UK pump prices but – sadly for motorists – for all the wrong reasons.
“The effects of the weak pound have really been felt on the wholesale market. This, combined with an oil price at nearly double its lowest level in 2016, has put significant upward pressure on wholesale fuel prices.
“Retailers have had no choice but to reflect these dramatic increases in the prices they charge at the pumps.
“We are a long way from the remarkably low fuel prices enjoyed by families and businesses early in 2016, when the average price of unleaded was around 102p per litre and diesel was 101p.
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“There are some indications that November might not shape up so badly.
The biggest variable affecting what drivers pay when they fill up is the oil price. The prospect is that oil prices might stabilise or even fall before the end of the year.”
He added: “Certainly, if the Chancellor has been considering tinkering with fuel duty in this month’s Autumn Statement, the sheer volatility of prices we are currently seeing should, we hope, be enough to make him reconsider.”