Petrol prices at lowest level since February

Petrol prices have fallen to their lowest level in six months, new analysis shows.

The AA said the average price of a litre of the fuel was 143.0p this week.

Mid-February was the last time it was this low.

Diesel prices have fallen to an average of 147.9p per litre, a level not seen since late January.

The AA claimed the figures are “little cause for celebration”, noting that the highest average price for petrol before the coronavirus pandemic was 142.5p per litre in April 2012.

Scrapping the 5p-per-litre fuel duty cut – introduced in March 2022 – would have a significant impact on workers earning the national living wage who drive a substantial mileage due to their job, according to the motoring organisation.

An employee who fills up once a week would lose 5.9% of the benefit gained from living wage increases in the past two years if that happened, the AA said.

The fuel duty cut – which is worth 6p per litre when VAT is taken into account – is only guaranteed until March 2025.

AA fuel price spokesman Luke Bosdet said: “Pump prices this summer have given UK drivers little cause for celebration.

“They may be way below the 191.53p record for petrol in July 2022 but they are currently locked at a permanently and historically high level that drains consumers’ finances.

“For low-paid workers who welcomed a living wage increase of nearly £2 an hour during the cost-of-living crisis, having to pay an extra 6p a litre for road fuel is going to feel like a substantial pay cut.”

Published: 16/08/2024 by Radio NewsHub