Petrol and diesel prices: ‘at least’ extra 15p should be dropped from fuel costs

The latest AA fuel price report shows that on Tuesday, essence across the UK averaged 172.88 pa litre. This is 18.65p less than the record of 191.53p set more than six weeks ago on July 3.

This represents a saving of £10.26 on the cost of filling the typical 55 liter tank car Tank.

For dieselwhich averaged 183.74 pa liter on Tuesday, the fall in prices was around 12.5 pence month-on-month and 15.33 pence since peaking at 199.07 pence on July 1.

This reduced the cost of filling an 80 liter tank on a large van by £12.26.

A 15p drop in the price of petrol at the pump between mid-July and mid-August brought much-needed relief to beleaguered British drivers.

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“Yes, they pay on average almost 19p a liter less for petrol and save almost £10.30 per tank.

“But, fuel is still 37.6pa liter more expensive than a year ago (135.29p).

“It’s always at the level of danger for young drivers and those with families that we know from AA research among thousands of its members who have been forced into debt or who have applied for a financial support to their friends and family.

“In previous pump price slumps, drivers could rely on supermarkets rushing to pass on the savings, trying to steal a march on their rivals.”

One of the big differences between this current price crash and previous ones had been the relative reluctance of supermarkets to engage in a price war at the pump, until Asda launched one at the end of July.

At the start of 2020, as the price of oil fell, there were three announcements of price cuts by the most competitive supermarkets.

Now there is much less desire to fight for customers on the forecourts of hypermarkets.

Asda now has the cheapest average petrol price among major retailers at 169.83p, while BP has the most expensive at 176.60.

The same can be said for diesel prices, with Asda slashing their prices by more than 14 pence between last month and this month.

Last week, six petrol stations in Shropshire were identified as selling petrol for less than 160p a litre, with none of the six being supermarkets.

Mr Bosdet went on to say: “Now it is random that you live and drive in an area where at least one fuel retailer is willing to drive prices down as fast as wholesale costs drop.

“Once this full 30 pence per liter drop in wholesale petrol prices since June has been passed on, only then will drivers be able to breathe a little easier.

“The hope then is that as the US auto season draws to a close, even more downward pressure will be put on gasoline costs.”

The only sure thing is that where there is price transparency at the pump, such as in Northern Ireland, the average pump price over a wide area is considerably lower than where there is none.

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