Woolwich resident says petrol prices are 'astronomical'
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The cost of filling up a car is set to be £10 cheaper within a fortnight as spiralling fuel costs begin to settle and come down. New fuel price data from the AA said the price of petrol had dropped by 2.8p a litre from record highs, with drivers benefitting from an average price of £1.50 off the price of a tank.
Diesel prices have also started to fall with the fuel being more than 2p cheaper than at the start of the month.
Motorists looking to fill up will see an average petrol price of 188.76p a litre, with diesel at 196.96p per litre.
Meanwhile, wholesale petrol that had peaked above £1 a litre on 1 June fell to below 80p a litre for much of last week.
This indicates that as much as 20p could fall from record highs at the pump within the next two weeks.
However, there are warnings that forecourts may not pass on the savings to drivers.
Luke Bosdet, AA’s fuel price spokesperson, commented on the price changes and how they would impact drivers.
He added: “Wholesale petrol’s trajectory, if sustained, would lead to savings of a tenner off a tank from the record highs – providing the fuel trade is prepared to pass them on.
“So far this morning, even with oil rebounding, wholesale petrol remains below 80.5p a litre.
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“The problem is that, in many places, the price cuts are quite simply not happening despite more than six weeks of falling costs.
“Roads may suffer extreme heat today and tomorrow but pump prices should have cooled off much more significantly by now.”
“Drivers should keep their eyes peeled for big savings on fuel as they travel around, and price search engines like the AA App will help.
“However, Northern Ireland’s Fuel Price Checker, if extended across the UK as the Competitions and Markets Authority (CMA) suggested was a way forward, would show at a glance the much cheaper towns.”
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Data from the AA’s fuel checker app, prices continue to differ by a significant margin in the same area.
For example, in the town of Newbury, two Sainsbury’s forecourts have petrol prices of 189.9 per litre.
However, further along the A339, a Shell garage and a BP forecourt both have unleaded selling for 195.9p.
The CMA released a report at the beginning of July which looked into fuel costs, highlighting several key factors which led to the higher prices.
It stated that the main drivers of increased road fuel prices are the rising cost of crude oil and a growing gap between the crude oil price and the wholesale price of petrol and diesel.
On the whole, the fuel duty cut appears to have been implemented, with the largest fuel retailers doing so immediately and others more gradually.
The report also found that there are significant differences in price between many rural and urban areas.
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