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Drivers benefit from fall in fuel prices

Date: 08 March 2018   |   Author: Sean Keywood

The average price of petrol and diesel fell by 2p a litre during February, according to data from RAC Fuel Watch.

The average price of unleaded dropped to 120.14p from 122.34p, and diesel to 122.86p from 125.08p, following two major cuts from Britain's 'big four' supermarkets within days of each other.

The RAC had called for price cuts due to the falling price of both fuels on the wholesale market, triggered by a fall in oil prices.

The cost of a barrel of Brent crude - traded in dollars - ended February 4% lower than at the start of the month at $65.66, having dropped to a near three-month low of $61.46 on 13 February.

The fall in fuel prices followed three consecutive months of increases.

It now costs on average £66.08 to fill the tank of a 55-litre family petrol car, or £67.57 if the car runs on diesel.

RAC fuel spokesman Simon Williams said: "After a succession of fuel price rises taking petrol to its highest level in three years in January, motorists finally saw a reversal of fortune in February as a result of a lower oil price which made some significant cuts at the pumps possible.

"We commended the supermarkets for responding swiftly to our calls for pump price reductions, not least because we know what impact their pricing can have on other fuel retailers.

"But we do understand how much harder it can be for smaller retailers who don't buy as frequently as the supermarkets to cut their prices as a result of sudden or short-term wholesale price changes.

"However, we are aware of some smaller retailers who pride themselves on having very low prices."

Williams said that the question now for drivers was what would happen to prices next.

He added: "While the pound has weakened a little against the dollar - which is important as fuel is traded in dollars - the oil price remains around $65.

"This has created some downward pressure on wholesale petrol and diesel prices.

"Whether this means there is scope for another forecourt price cut in the next few weeks remains to be seen and is something we will monitor extremely closely."

 



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