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Petrol prices lowest since 2011
Friday, 22 November 2013
Petrol prices have fallen to their lowest levels in two-and-a-half years, saving the average car driver around £10 a month, which is a timely boost for consumers before Christmas.
The AA last announced that pump prices had fallen 9p per litre since early September, with the average price of unleaded petrol costing 130.44ppl and diesel 137.78ppl.
This equates to an average two-car family spending £238.05 a month filling up, vs. £252.54. Cuts in petrol prices like this were last seen in the run-up to the fuel duty cut in the Budget of March 2011.
Edmund King, AA president, said:
“You cannot underestimate the importance of lower pump prices. On average, 28 per cent of AA members buy a set amount of fuel each time they go to a petrol station. This rises to 40 per cent for younger drivers and 44 per cent for low-income ones.
“In September a £30 spend bought them 21.7 litres and now it buys them 23 – a boost equal to a free 10-mile round trip to work.
While the drop in prices is great news, it is unlikely to be reflected by long term pump savings: prices have dropped as a result of the stronger Pound, with wholesale petrol priced in U.S. dollars, together with easing tension in the Middle East, which could all change quickly.
The AA said Asda sells the cheapest petrol, 4p cheaper on average than BP, with Morrisons cutting prices by the smallest amount.
Only two weeks ago it was revealed that industry figures were pressuring business minister, Michael Fallon, to allow independent forecourts to defer paying fuel duty until it had actually been sold to motorists; they currently have to pay on receipt of a tanker.
The AA says they would strongly support such a move, as it would help rural fuel stations and smaller independents in their battle against large supermarket chains.
If you no longer want to pay high fuel bills for your petrol motor, why not trade-in your vehicle for an ultra-low carbon electric model, which could save you hundreds of pounds a year?
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