August Fuel Price Report
The August Fuel price report was released today and it has shown that average petrol prices in the UK have fallen 6.5 pence in a month. But it is still bleak at the pumps as filling up a tank is costing £1 more than it normally claim the AA in its latest mid-monthly Fuel Price Report.
Average petrol prices have fallen from 119.51 pence per litre in mid-July to 113.15 now, cutting £13.63 off the typical two-car family’s monthly spend on petrol. The average price of diesel has in the past month fallen from 131.56 pence per litre to 125.58, a saving of six pence a litre.
Since July 11, when the wholesale price for petrol coming into the UK peaked, this had by the end of last week fallen 18 per cent. This equates to an 8.5 pence-per-litre reduction in the pump price of petrol, from the all-time high of 119.7 pence per litre on July 17. This should bring the UK forecourt average down to 111.2 pence per litre1.
Paul Watters, head of AA Public Affairs said: “Whichever way you look at it, many drivers are being short-changed by around £1 a tank when they fill up with petrol in the UK. As well as undermining family budgets, selfishly holding back two pence a litre in wholesale price reductions is denying potential consumer spending at other local businesses suffering from falling sales. The AA welcomes the significant drops in price over the past month and accepts that small retailers, particularly in rural areas, are likely to charge more for fuel to cover overheads. However, larger petrol suppliers still have some way to go to pass on wholesale savings.”
London continues to sell the most expensive petrol in the UK, with Northern Ireland close behind. Although Scotland has experienced the biggest fall in the price of petrol, the cheapest regions are the North West and Yorkshire and Humberside. Northern Ireland is the most expensive region for diesel and has seen its average price fall by the smallest margin in the UK.
Simon McBride
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