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Diesel prices to rise following Brexit vote

Drivers in the UK should be prepared for diesel prices to rise by up to three pence per litre in the wake of Brexit

Words By Julian Rendell

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The price of diesel is expected to rise by around two to three pence per litre in the next fortnight as a result of the EU referendum, which saw the country vote to leave the European Union.

The price rise will be justified as compensation to oil companies for the drop in the value of Sterling post-Brexit.

"We’ve done the maths and crunched the numbers. Any rise above three pence a litre to reflect currency movements is just post-Brexit opportunism," says Quentin Willson, lead campaigner for the FairFuelUK group.

The average price of diesel in the UK is currently 109.1 pence per litre, while petrol stands at 109.2 pence per litre.

Rumours circulated last week that an eight pence per litre rise was being considered by one supermarket chain, while the price of bulk diesel for hauliers was being quoted with a five-to-six pence per litre rise.

Howard Cox, founder of FairFuelUK warned that "maximum pump price rises should be no more than three pence to ensure retailers’ margins are similar to pre-Brexit levels."

What does the Brexit vote mean for motorists?

The AA agreed: "We’re not seeing anything to suggest anything other than a two to three pence per litre rise is reasonable."

Typically, a rise that responds to a move in the market takes 10 to 14 days to work its way through the system. "And we should remember that we still have five pence per litre to get back to where we were last year," added the AA.

All campaigners are agreed that a bigger rise will reinforce calls for an official government fuel price regulator, which FairFuel dubs β€˜OfPump’.

Read more:

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Government consults on new E10 petrol\

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