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Fuel prices tumble in November, says RAC

Date: 04 December 2015   |   Author: Daniel Puddicombe

November marked the lowest average price of diesel at the pumps in six years, according to RAC Fuel Watch.

RAC Fuel Watch data also revealed that the average price of petrol fell for the fifth month in a row from 107.6p at the start to 106.9p, as well as a nine-month low on 11 November.

Diesel meanwhile, dropped to its lowest average price since December 2009 when it reached 109.4p a litre on 30 November.

The RAC said the cost of filling up a typical 55-litre car with petrol has fallen by £7.75 compared to a year ago, while a tank of diesel has fallen by £8.95.

The RAC Fuel Watch report also showed that a barrel of crude oil fell by over $3 in November, coming down from $47.32 to $44.03, with a six-year low of $40.40 being seen on 16 November.

However, the pound lost a little ground to the dollar - with sterling worth $1.54 at the start of the month and $1.51 at the end - undoing some of the positive effect of the lower oil price as oil is traded in dollars.

"In the expensive run-up to Christmas, drivers of both petrol and diesel vehicles are benefitting from far cheaper fill-ups than they did at this time last year," said RAC Fuel Watch spokesman Simon Williams. 

"There has been talk of stabilising the barrel price which would mean stemming production, but it's difficult to see how that would work when Iran begins to pump up to one million barrels a day in 2016, following on from its landmark nuclear agreement with the West," he added.



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