WARNING ISSUED ABOUT WHEN TO BUY FUEL AS PETROL PRICE DROP ENDS
Drivers are being warned as a 10-week run of falling prices has ended, dashing hopes of a return to pre-pandemic levels.
People are now urged to buy fuel “sooner rather then later”.
The AA said the average price of a litre of petrol at UK forecourts fell from 150.1p on April 24 to 144.5p at the end of last week, but has stabilised since then.
The average price of a litre of diesel dropped from 158.3p on April 24 to 149.6p but the decline stopped on Thursday last week.
Motoring groups previously hoped petrol prices would fall below the pre-pandemic record high of 142.5p per litre on April 12 2012 for just the second time since Russia’s invasion of Ukraine in February 2022.
The AA said this will not happen in the short term due to the rebound in the price of a barrel of oil from 80 US dollars in early June to more than 85 US dollars over the past fortnight.
AA fuel price spokesman Luke Bosdet said: “The question is whether, after a significant fall in the UK’s average petrol price in June, the price will repeat last year’s sharp rise going further into the summer.
“It would be a blow for the impending summer getaway if the cost of road travel took off again.
“For now, filling up sooner rather then later will take advantage of current lower prices.”
Last month fuel retailers were accused of exploiting the focus on the General Election by keeping their margins “persistently high”.
The RAC said prices for petrol and diesel in Britain were “far higher than they should be” as wholesale costs have fallen since the end of April.
RAC figures show retailers’ margins – the differences between what they paid for fuel and the pump price – are 14p per litre for petrol and 16p per litre for diesel.
The long-term average for both fuels is 8p per litre.
RAC head of policy Simon Williams said: “Margins are once again staying persistently high, and drivers are paying the price.
“Our data clearly shows that pump prices haven’t fallen in line with the reduction in wholesale prices, so drivers across the UK – with the exception of those in Northern Ireland where fairer prices are charged – are once again losing several pounds every time they fill up.
“We believe there’s no good reason for retailers in Great Britain not cutting their prices at the pumps far further.
“We can only think they’re hoping no one will notice due to the distraction of the General Election.
“We hope that the Competition and Markets Authority (CMA) is aware of what is going on and will use this to bring retailers into line as soon as it’s able to.”
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2024-07-02T13:12:25Z dg43tfdfdgfd