Drivers warned as petrol and diesel prices ‘unlikely’ to drop

Charlie Stayt and Dominic Raab clash over petrol prices

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Recent survey data from the AA indicated that high fuel prices resulted in a substantial impact on the driving habits of UK motorists. Almost two-thirds (64 percent) of a surveyed 15,000 Britons admitted to driving less during July.

This is a significant increase on the 43 percent that were cutting back on car use at the time of the last survey in November – when prices were 45p-per-litre cheaper. 

By mid-June, the average family car cost more than £100 to fill up, causing a huge strain on UK family’s budgets alongside soaring living costs. 

Concerningly, the survey also indicated that 16 percent of “family age” (25-34) drivers have turned to loans or credit cards, or been helped by family and friends, to be able to afford inflated fuel prices. 

Ashley Johnson, Sales Manager of Parkland Motors, said it was unlikely that prices will drop by any significant level.

Speaking to Express.co.uk, he said: “With the current cost of living crisis deepening, there has been continued criticism from motorists that fuel prices have not fallen fast enough, nor are they in line with wholesale price drops. 

“Increasingly, that criticism has extended to the UK Government, after the UK became one of the most expensive places on the continent to fill up, as more and more countries have done more to ease the burden of high petrol prices.”

According to data from Bloomberg, the average price of petrol and diesel has fallen for a seventh straight week, its longest slide since 2020. 

Despite this, prices are still 27 percent higher than this time last year. 

DON’T MISS
Drivers warned of huge fines for practicing common fuel-saving method [WARNING]
Furious driver fined for parking ‘millimetres’ across someone’s drive [SHOCKING]
Electric car owners can charge for free around the UK on Friday [FREE CHARGING]

The AA also sent out a warning last week, stating that diesel prices were starting to rise again.

While it is a rise of just half a penny, there are fears that it could rise further, bringing back memories of the record prices seen in July.

Ashley Johnson added that fuel prices were already on the rise before the war in Ukraine began in February, but the subsequent fallout has seen prices surge and fuel scarcity as the UK began to phase out Russian oil. 

Although the UK relied on just six percent of its oil from Russia, the surge in demand still created an adverse effect on UK fuel prices.

Book here

Book your MOT with the UK’s #1 MOT tester – just click the link to book online.

View Deal

As global demand for oil from other countries escalated, prices were driven up massively across the board.

They added: “From the worsening exchange rate and continued market uncertainty, it’s unlikely that prices will drop by significant levels, or return to similar rates as last year, until oil producers can compensate for the loss of Russian oil by increasing supplies.

“However, there is hope that prices will continue to fall by as much as 15p per litre as rising interest rates and the threat of global recession creates a decline in demand, which should, in turn, enable the oil supply to stabilise.”

As of now, fuel duty is set at 52.95p-per-litre, after the UK Government cut fuel duty by 5p a litre in March, believing that this would save the average driver £100 a year. 

While welcomed at the time, not all retailers passed it on as it wasn’t legally required, and now with average prices on a continual rise, this has since cancelled out the reduction.  

In the last 30 days, Google Trends data shows a 284.6 percent increase in searches for “when will fuel prices drop UK”. 

A similar increase of 233.3 percent in searches for “go slow protests” also occurred in the same period, after hundreds of motorists protested high fuel prices by deliberately causing blockades on major commuter routes.

Based on data from RAC Fuel Watch, a motorist will currently pay an average of 168.59p per litre for unleaded and 183.27p for diesel at the forecourts.

Source: Read Full Article