Petrol down 5p a litre, 10p to follow

• The AA lists locations already 15p below the October peak
• Diesel remains dismal, down just 2p a litre

Petrol prices fall as wholesale costs drop

Petrol’s average pump price in the UK has fallen 5p a litre since early October and the track of plummeting wholesale costs indicates that another 10p reduction should be on the way, the AA reports.

On 5 October, petrol peaked at 174.7p a litre to reach its highest since August 2022 but starts this week at 169.7p. Each 5p reduction at the pump knocks £2.75 off the cost of filling a typical 55-litre car fuel tank.

Since 13 October, the wholesale cost of unleaded fell from 77p a litre to 68p by the end of October, and now sits below 62p.

Locations already showing petrol below 160p a litre

The Government’s Fuel Finder listings of pump prices registered by UK fuel stations shows that some communities are already enjoying petrol prices below 160p a litre.

Those showing up on Friday, Saturday and Sunday include:

• Shrewsbury
• Dewsbury
• Neston (Cheshire)
• Ifracombe (Devon)
• Bishop Auckland
• Selkirk (Scotland)
• Llanuwchllyn (Wales)
• Rossendale (Lancs)
• Silkstone (S Yorks)
• Presteigne (Powys)
• Trafford Park
• Penistone (S Yorks)

Diesel prices remain high

Diesel’s average pump price across the UK is down only 2p a litre, from the all-time record of 199.9p a litre on 6 October to the current 197.9p a litre. Its wholesale cost is down around 4p a litre since mid October and offers the possibility of a further small reduction at the pump.

AA comment on pump prices

“The chances of finding somewhere with petrol below 160p a litre are incredibly hit and miss but, clearly, there are forecourts able to slash their fuel prices and put the rest to shame. Most are in rural communities with much lower customer potential, although Bishop Auckland shows what happens when fuel stations get competitive with each other. Even the supermarkets are forced to lower their prices,” says Luke Bosdet, the AA’s spokesman on pump prices.

“London and the South East stand out for not showing any fuel stations with the bargain petrol prices of northern England, Wales and even Scotland. Some forecourts are still charging close to the peak prices of early October and, given how much wholesale costs have fallen since the middle of last month, that is unforgiveable.”