Petrol value drops beneath 140p a litre for the primary time in TWO YEARS
- Average UK petrol value this week has dipped to 139.97p, the AA confirmed
- This is the bottom common nationwide value for unleaded seen since 13 Oct 2021
- Experts warn that costs stay ‘traditionally very excessive’ in comparison with pre-Covid
The common pump value of petrol bought within the UK has fallen beneath 140p a litre for the primary time in over two years, it has been confirmed.
On Wednesday 10 January, the typical value of a litre of unleaded throughout the nation dipped to 139.97p.
The final time petrol was recorded as being cheaper on common was on 13 October 2021 when it was 139.55p.
Yet, the AA says costs stay ‘traditionally very excessive’ and proceed to pile strain on households and companies.
On Wednesday 10 January, the typical value of a litre of unleaded throughout the nation dipped to 139.97p. The final time petrol was that low was mid-October 2021, the AA says
The motoring group mentioned diesel is now being bought by UK gasoline stations for a median of 147.83p.
That is the most affordable nationwide common since early August (147.33p on 3 August 2023).
While gasoline value stay a lot larger than they had been earlier than Russia’s invasion of Ukraine and pre-pandemic, at this time’s prices are far decrease than they had been a yr in the past.
On 10 January 2023, the typical value of petrol was 9.5p larger (149.47p) whereas diesel price a whopping 24.1p extra (171.93p).
For an average-size household automobile with a 55-litre gasoline tank, this interprets to a petroleum saving of £5.23 for every time motorists refill in comparison with a yr in the past.
Those with diesel fashions, the distinction to gasoline receipt to brim the tank is £13.26.
Set towards the document highs originally of July 2022 (petrol 191.53p on 3 July, diesel 199.07p on 1 July), petrol’s 51.56p drop implies that UK automobile drivers are spending £28.36 much less to fill the everyday 55-litre tank (£76.98 versus £105.34).
For a enterprise utilizing vans with an 80-litre Transit measurement gasoline tank, the price of filling up has fallen from £159.26 to £118.26 – a saving of £41.
Commenting on the worth of petrol dipping beneath 140p a litre this week, Luke Bosdet, the AA’s spokesman on pump costs, mentioned: ‘While the dramatic enchancment in pump costs provides huge financial savings to households and companies, and likewise redirects thousands and thousands of kilos from gasoline gross sales probably again to the excessive road, pump costs stay traditionally very excessive.
Before Covid and the Ukraine struggle, the worst drivers confronted was 142.48p document set in April 2012.
‘The hazard is that present pump-price ranges are baked in as the brand new regular.’
The AA’s report comes after the RAC confirmed that Britain’s drivers had benefited from a 6p per litre fall in petrol costs in December, making it the It the second consecutive month-to-month value minimize, the RAC mentioned.
However, it mentioned pump costs must be diminished additional as the typical grocery store margin on gasoline was 13p per litre final month, which is greater than double what it was in 2021.
The motoring providers firm additionally famous that common gasoline costs in Northern Ireland on the finish of the month had been 135.3p per litre for petrol and 144.2p per litre for diesel.
In July final yr, competitors watchdog the Competition and Markets Authority mentioned pump costs are typically decrease in Northern Ireland than the remainder of the UK due to competitors from forecourts within the Republic of Ireland.
The RAC says pump costs must be diminished additional as the typical grocery store margin on gasoline was 13p per litre final month, which is greater than double what it was in 2021
RAC gasoline spokesman Simon Williams mentioned: ‘It’s clearly excellent news that each petrol and diesel got here down considerably in December.
‘While we’re beginning the yr paying a lot much less on the pumps than we’ve got executed, it is nonetheless galling to know that drivers aren’t being charged a good value compared to Northern Ireland the place the exact same petrol and diesel is at the least 5p a litre cheaper.
‘It’s absolutely not possible to argue that competitors is working correctly if costs are so vastly totally different in two elements of the UK.
‘We proceed to name on the most important retailers to play honest with drivers and decrease their costs to match what’s being charged in Northern Ireland.
‘We additionally urge Energy Security Secretary Claire Coutinho, who’s on a mission to deliver larger transparency to gasoline pricing following the Competition and Markets Authority’s investigation concluding drivers had been overcharged to the tune of £900 million in 2022, to ask the supermarkets why they will not cost comparable costs to the averages seen throughout Northern Ireland.’
A Department for Energy Security and Net Zero spokesperson mentioned: ‘The drop in petrol costs within the run-up to Christmas was excellent news for a lot of hardworking households driving a whole lot of miles throughout the nation.
‘We need gasoline costs to remain down for 2024 and past. That is why the Government is giving the competitors watchdog powerful new powers to supervise the market and ensure retailers cross on financial savings.
‘This stance is working, and we’ll proceed progressing plans for gasoline retailers to share up-to-date value data that may assist clients to simply store round for offers.’
