UK motorists face a shock due to rocketing diesel prices - Kalkine Media

November 03, 2022 12:22 PM GMT | By Rishika Raina
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Highlights

  • UK drivers faced a serious blow in October following a hike in diesel prices, as per RAC.
  • This came with the knock-on effect of the decision of the Opec+ oil cartel to decrease production.
  • The data revealed that the price of petrol went up, but not as much as that of diesel.

Motorists in the UK suffered severely due to surging diesel prices last month. According to the Royal Automobile Club (RAC), a serious blow was faced by drivers following a hike in diesel prices in October. This came with the knock-on effect of the decision of the Opec+ oil cartel to decrease production.

On average, there was an increase of 10p per litre in diesel price, taking it to 190.5p. This was the third lowest monthly increase since records began. The motoring group claimed that a full diesel tank went up by over £5 over the month, hitting £105. This came with the aggressive price hike, which was approaching the record-high level of 199.09p per litre in late June.

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The data revealed that the price of petrol went up, but not as much as that of diesel. Petrol price surged from 162.67p to 166.38p, going up by around 4p per litre, taking the cost of a full tank to £91.51. Over the past three months, UK drivers have been witnessing a drop in prices at the pump, which had reached record highs earlier amid the Russia-Ukraine war escalation. 

However, drivers were left in shock last month with the decision to production cuts lifting the oil prices again. Additionally, the falling pound worsened the situation by making wholesale petrol and diesel even more costly.

Kalkine Media® have a look at a few oil stocks.

Energean plc (LON: ENOG)

The annual and YTD (year to date) returns of the globally operating driller of oil and gas wells, Energean plc, stand at 67.21% and 80.70%, respectively, as of Thursday. ENOG shares were down by 0.71% at around 10:45 AM (GMT) on 3 November, trading at GBX 1,545.00. The FTSE250-listed company at present has a market capitalisation of £2,770.31 million. At the time of writing, the company’s EPS (earning per share) stands at -0.54, with a turnover (on book) of £1,650,576.70.

Hunting plc (LON: HTG)
The annual and YTD returns of the UK-based company supplying to the oil and gas sector, Hunting plc, stand at 57.68% and 58.98%, respectively, as of Thursday. HTG shares were down by 2.01% at around 10:45 AM (GMT) on 3 November, trading at GBX 268.00. The company at present has a market cap of £451.11 million. At the time of writing, the company’s EPS stands at -0.53, along with a turnover (on book) of £10,837.19.

Shell plc (LON: SHEL)

The annual and YTD returns of the UK’s top oil and gas firm operating internationally, Shell plc, stand at 46.64% and 50.23%, respectively, as of Thursday. SHEL shares were up by 0.31% at around 10:45 AM (GMT) on 3 November, trading at GBX 2,435.50. The FTSE100-listed company at present has a market capitalisation of £172,637.87 million. At the time of writing, the company’s EPS stands at 2.59, along with a turnover (on book) of £39,578,049.63.


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