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Fall in UK petrol prices reported

Date: 03 October 2019   |   Author: Sean Keywood

The average cost of a litre of petrol in the UK fell by nearly a penny during September, according to the RAC.

The motoring organisation said that the fall, by 0.87p per litre, came despite fears oil refinery fires in Saudi Arabia in the middle of the month would see prices increase.

The average cost of a litre of diesel did go up, but by only 0.35p.

However, the RAC says that falls in wholesale prices are not being passed on by retailers.

It claims that petrol is priced nearly 4p per litre too high, while the cost of diesel should come down by 3p per litre - with the exception of Northern Ireland, where both fuels are 2p per litre cheaper.

RAC spokesman Simon Williams said: "Currently, the prices drivers pay for fuel in Northern Ireland are on average 2p a litre cheaper than the rest of the UK which means retailers in the rest of the UK are charging more than they should.

"If they can afford to charge less there, they can afford to elsewhere: this can only mean that drivers in the rest of the UK are being taken advantage of.

"We would very much like to hear retailers' justification for this price differential. Northern Ireland is more often a cheaper place for petrol and diesel due to greater competition among retailers, but in the last two months we've seen this gap widen which can only mean drivers in the rest of the UK are losing out."

Williams added that further drops in fuel prices could be in store.

He said: "The outlook for drivers at the pumps is looking reasonable despite the refinery attacks in Saudi Arabia.

"Not only was the impact of the resulting drop in production lessened by Saudi's state-owned oil company releasing crude reserves, fears of a global economic slowdown caused the oil price to reduce.

"If this continues, it should translate into lower pump prices for drivers in the UK."