Fuel prices, set to come down?

The current trend in fuel prices has been, unfortunately, rising with no end in sight. However, the AA thinks that it’s about to; finally, go down as the Supermarkets set up for a price war. It’s been going up for 11 straight weeks, for a litre of petrol you can expect to pay £1.31 or £1.35 for diesel.

Fuel pump

Now there is the possibility of a drop as the wholesale price of fuel has dropped by 3p. This means that it’s cheaper for petrol stations to stock up. However, this rather decent cut hasn’t come to the consumers yet.

 

 

When will cheaper fuel prices come?

The AA sees one coming soon. Whenever wholesale prices go down the supermarkets pass on the lower costs. With an opening like this it can be expected that the different brands will start a warMoney to save of the prices. While they attempt to price their fuel competitively the drivers around the UK can enjoy the lower prices. Savings might come up to £1.50 less per tank on average.

 

This is a ray of sunshine as the news earlier in the month was that there was “no end in sight to rising pump prices”. Another reason for this price drop could be the pound strengthening. This might be changing the other way, as we stay in this period of Brexit uncertainty. This isn’t stopping the idea of removing the freeze on fuel duty however in the next budget.

What can be done now?

If you want to get on this trend now however the AA say to “keep an eye out for competitive oil company sites” as they may be trying to get in their early and undercut the more expensive Supermarket sites. An online resource available to you to see the prices of fuel is PetrolPrices.com which shows the average prices by location and by brand for the entire UK. If you want to learn how to save money without depending on falling prices MoneySavingExpert.com has a detailed and comprehensive list of ways to run your vehicle more efficiently

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