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Fuel price cuts predicted after static October

Date: 03 November 2020   |   Author: Sean Keywood

UK fuel prices should fall by up to 5p per litre within the next two weeks, according to the RAC.

The organisation has published its latest monthly price report, which shows that while average petrol prices fell by just 0.1p per litre during October to 114.43p, and the average diesel price fell by 0.27p to 117.82p, wholesale prices for both fuels were down by 4.62p.

The RAC says this wholesale fall is due to lower oil prices - attributed to ongoing concern about global demand amid the second wave of the coronavirus pandemic - and that this should in turn herald lower prices at the pumps. 

RAC spokesman Simon Williams said: "It's likely to be a case of déjà-vu for drivers this month as once again fuel prices are starting to fall just at the point when we're all driving less as a result of a coronavirus lockdown. 

"It's good to see Asda leading the way this morning with an initial price cut and we now need other retailers to follow suit as quickly as possible.

"While we're not expecting prices to go as low as last time - March saw petrol prices under £1 a litre as a result of oil prices falling to a 21st century low - any driver needing to fill up later in November should be greeted by the sight of lower prices, if retailers do the right thing."

Williams said it remained to be seen to what extent retailers would pass on the wholesale price cuts.

He said: "While the volume of fuel sold in the coming weeks is likely to be lower than of late, we're concerned some retailers may only choose to only cut by a few pence, or not at all, which would be bad news for drivers, especially as we don't anticipate the roads will be as quiet as during the first lockdown.

"There is perhaps a cruel irony for motorists here in that the route to cheaper prices is cheaper oil, yet the main reason the oil price is lower is because so many of us across the world aren't travelling.

"Diesel drivers in particular have reason to feel particularly hard done by, as arguably they have been paying over the odds for the fuel for two whole months now. We strongly urge retailers to lower the price of diesel, both for businesses and the country's 12 million-plus diesel car drivers."