Average petrol pump prices in the UK have fallen back to 130p a litre
Average petrol pump prices in the UK have fallen back to 130p a litre after a nervous two months of higher prices. Fortunately, retailer predictions in June of a 3p to 4p rise failed to materialise.
The average price of petrol rose above 130p a litre in May, peaking at 131.70p during the first weekend of July. Yesterday, the typical cost was 130.03p, although it was possible to pay 125.9p a litre in east London earlier this week.
A year ago, petrol averaged 137.50p as it surged to a summer peak of 138.38p a litre in mid October. Compared to then, drivers yesterday were saving more than £4 when filling up a small tank.
Average diesel prices are now down to 134.40p a litre after rising to 136.37p in early July. A year ago, pump diesel hit 141.74p a litre, on its way to a mid-September peak of 142.88p – in effect, adding £6.40 to today’s cost of filling an 80-litre van fuel tank.
Record prices remain 142.48p a litre for petrol, set in April 2012, and 147.93 for diesel, also in the same month.
Crises in Iraq and the Ukraine helped to send oil prices to $115 a barrel in June, although a strong pound softened the impact
Edmund King, AA president
“Crises in Iraq and the Ukraine helped to send oil prices to $115 a barrel in June, although a strong pound softened the impact for the UK driver. Behind the headlines, faltering oil supply from Libya and signs of a strong summer demand for road fuel in the US heated up commodity prices,” says Edmund King, the AA’s president.
“Since then, oil is now down around $10 a barrel – partly because Libyan supplies began to grow again and doubts concerning US gasoline demand have resurfaced. However, although fuel costs are lower, consumer confidence and spending have yet to recover.”
(6 August 2014)