Home Business NewsBusinessAutomotive News Petrol prices fall to the lowest in three years

Petrol prices fall to the lowest in three years

by LLB Finance Reporter
11th Jan 24 2:02 pm

New figures show that petrol prices have fallen to the lowest level since October 2021, the AA said that the average price on Wednesday for a litre of petrol on the forecourts is now 140.0p.

Diesel is now at its lowest price since August 2023 and is now averaging 147.8p per litre, this time last year diesel was 171.9p and petrol was 149.5p.

AA fuel price spokesman Luke Bosdet said, “While the dramatic improvement in pump prices gives big savings to families and businesses, and also redirects millions of pounds from fuel sales potentially back to the high street, pump prices remain historically very high.

“Before Covid and the Ukraine war, the worst drivers faced was the 142.5p record set in April 2012.

“The danger is that current pump-price levels are baked in as the new normal.”

RAC fuel spokesman Simon Williams said, “Prices at the pump have fallen more than 50p since the record high of 191.5p was set in early July 2022, a saving of £28 a tank, with a complete fill-up for a 55-litre family car now costing under £77.

“We expect prices to continue coming down as the wholesale cost of petrol is still low enough to merit further reductions.

“Retailer margins remain far higher than normal, particularly at the supermarkets where RAC data shows an average of 10p a litre is being taken on unleaded compared to 3.5p in 2019.

“We urge the supermarkets to restore drivers’ faith in competition and transparency by lowering their prices to fairer levels.”

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