Pump prices of petrol and diesel drop by up to two pence a litre as crude oil values fall

The price of petrol and diesel at UK forecourts has fallen for the first time in four months thanks to a decrease in the value of crude oil.

Pump prices had been steadily increasing since March, but figures from the RAC show the average price of petrol has fallen by 0.41 pence to 111.79 pence. Diesel prices fell by a smaller margin, with the average cost per litre now 112.41 pence – 0.06 pence lower than the previous month.

Four-cylinder Porsche Cayman S has worse real-world fuel economy than Jaguar F-Type

The RAC said supermarket forecourts have offered customers the biggest savings, with as much as two pence per litre lopped off prices in some cases. In terms of regions, motorists in the East Midlands have seen the biggest savings, with petrol prices 1.53 pence down on the previous month and diesel prices 0.95 pence lower.

The pump price decreases are the result of a drop in the value of crude oil, of which barrel prices fell from £36.16 to £31.31 on 29 July.

The RAC said the decrease will help families save money over the summer holidays but added that lower pump prices should have happened sooner because oil prices had fallen before the end of last month. “It came more than a week later than it should have done,” said RAC fuel spokesman Simon Williams.

EV charging stations predicted to be more common than fuel pumps by 2020

Williams said the falling price of fuel on the wholesale market was being driven by fears of slowing global economic growth, adding to an existing oversupply of both crude oil and refined products such as petrol and diesel. “This has happened at a time when there are oil supply disruptions in Nigeria and Libya, which, had they not occurred, would have meant there was even more oil on the world market,” he said.

Today’s petrol prices are close to five pence per litre cheaper than they were one year ago. Diesel prices are three pence per litre lower than in 2015.

Our Verdict

Jaguar XE

Jaguar's first attempt at a compact exec saloon is good - very good. But can the XE hold off the BMW 3 Series and Alfa Romeo Guilia to retain its crown?

Join the debate

Comments
4

3 August 2016
Hold on a minute this can't be right as it only seemed like yesterday we were told fuel prices would be going UP after the vote to leave the EU. Remain politics eh, next they be saying there'll be no war.

 

Hydrogen cars just went POP

3 August 2016
xxxx wrote:

Hold on a minute this can't be right as it only seemed like yesterday we were told fuel prices would be going UP after the vote to leave the EU. Remain politics eh, next they be saying there'll be no war.

Sory no you are wrong, it was 5 days ago that the very same RAC told us prices were increasing, but I still think there will be a war ;)

4 August 2016
Citytiger wrote:
xxxx wrote:

Hold on a minute this can't be right as it only seemed like yesterday we were told fuel prices would be going UP after the vote to leave the EU. Remain politics eh, next they be saying there'll be no war.

Sory no you are wrong, it was 5 days ago that the very same RAC told us prices were increasing, but I still think there will be a war ;)

Oh yea it was the SMMT who told us everyone was pulling out of making cars in the UK, still you get my point about BREXIT politics and scare stories

 

Hydrogen cars just went POP

4 August 2016
Currently paying 109.00ppl!,three four month ago it was 0.99ppl,bit like utility prices just now over inflated,customer not getting a good deal,even if you shop/drive around!

Peter Cavellini.

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Lexus LC500
    Car review
    20 October 2017
    Futuristic Lexus LC coupé mixes the latest technology with an old-school atmospheric V8
  • Maserati Levante S GranSport
    First Drive
    20 October 2017
    Get ready to trade in your diesels: Maserati’s luxury SUV finally gets the engine it’s always needed
  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK