November Fuel Price Report

Falling petrol price sets huge new record

18 November 2008

a petrol station fuel filler nozzle

The average UK price for a litre of petrol has fallen 11.54 pence over the past month, dwarfing the previous record fall of 7.9 pence, according to the AA's mid-monthly AA Fuel Price Report. The previous record fall happened between mid August and mid September 2006, following the end of the conflict in Lebanon.

Average UK petrol prices fell from 106.4 pence per litre in mid October to 94.86 this month, while diesel prices have dropped on average 8.86 pence litre, from 117.68 pence per litre to 108.82.

The 10.8 per cent reduction in petrol price has in one month :

  • slashed the cost of a 50-litre tank refill by £5.77
  • reduced the monthly petrol cost of a two-car family by £24.73
  • pumped daily an extra £7.7 million into potential consumer spending from the reduced UK spend on petrol

Compared to mid July, when petrol prices peaked at 119.7 pence per litre, a tank of petrol now costs £12.42 less.

AA comment

"Tesco set the momentum of big price falls with their 3p drop midway through October. However, Asda and Morrisons remain the cheapest supermarkets to buy petrol, on average almost a penny cheaper than their two bigger rivals," says Edmund King, the AA's president.

"We have already spotted 91.9 pence per litre at some forecourts as competitive independents, often with their minimarts, try to undercut supermarket prices and make their money on non-fuel sales. However, the reality is that with the value of the pound against the dollar dropping more than 13 per cent in the past month, some fuel stations would be charging close to 90p a litre."

London remains the most expensive place to buy petrol in the UK, with drivers paying a penny above the UK average, while the North West is the cheapest. Scotland is the most expensive region to buy diesel, 1.2p a litre more expensive than Yorkshire and Humberside, the least pricey.

View the full AA Fuel Price Report.

Petrol


Comparison by brand (17 November 2008)


Brand This month
(pence/litre)
Last month
(pence/litre)
Price change
(pence/litre)
Asda 92.79 103.25 -10.46
BP 95.17 107.16 -11.99
Esso 94.90 106.38 -11.48
Jet 94.45 106.59 -12.14
Morrisons 92.85 102.28 -9.43
Murco 95.29 106.56 -11.27
Sainsbury 93.69 105.15 -11.46
Shell 96.95 108.00 -11.05
Tesco 93.89 105.09 -11.2
Texaco 95.53 107.78 -12.25
Total 95.24 106.33 -11.09
UK average 94.86 106.40 -11.54


Diesel


Comparison by brand (17 November 2008)


Brand This month
(pence/litre)
Last month
(pence/litre)
Price change
(pence/litre)
Asda 106.90 114.11 -7.21
BP 108.98 118.29 -9.31
Esso 108.49 116.91 -8.42
Jet 108.17 117.43 -9.26
Morrisons 107.17 114.23 -7.06
Murco 108.62 117.60 -8.98
Sainsbury 107.23 116.10 -8.87
Shell 111.14 119.96 -8.82
Tesco 107.91 116.10 -8.19
Texaco 109.22 118.86 -9.64
Total 108.94 117.41 -8.47
UK average 108.82 117.68 -8.86


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18 November 2008
(Price data provided by Experian Catalist)