Pump prices fall slightly after two months of rises
Fuel prices fell marginally in August after two months of increases, but drivers are still paying over the odds according to new analysis.
RAC Fuel Watch found the average price of a litre of unleaded petrol dropped by just 0.39p last month, from 135.03p at the start of August to 134.64p at the end. Diesel fell by 0.72p from 142.92p to 142.2p.
Supermarket reductions were similarly small, with unleaded down by 0.23p to 131.26p and diesel down by 0.3p to 138.81p.
On average it now costs £74.05 to fill a 55-litre petrol car, while diesel drivers are paying £78.21. Supermarket fuel offers a small saving of around £2 a tank.
Despite wholesale fuel costs remaining largely unchanged in August, the RAC says pump prices remain higher than they should be. The Competition and Markets Authority has also said that margins on fuel remain high and competition is weak.
Pump prices in Northern Ireland are notably cheaper, with petrol averaging 127.9p a litre and diesel 134.5p, around 5p to 7p less than the UK average. Costco members pay even less, with petrol at 125.9p and diesel at 133.7p.
RAC head of policy Simon Williams said: “While it’s good news that two months of rising fuel prices have come to an end, it’s disappointing that high retailer margins are preventing drivers from benefitting from lower prices.
“The Competition and Markets Authority’s latest report confirms that retailer margins are far higher than they were historically, and that competition remains weak. Our analysis of pricing data confirms the latter, with just a handful of forecourts appearing to compete heavily on price, with the exception of those in Northern Ireland where drivers enjoy far cheaper fill-ups than in any other corner of the UK. This is no doubt a source of ongoing frustration for many of the nation’s motorists.
“We hope that greater transparency of fuel prices from the end of this year means that a spotlight is shone on both those forecourts that charge the fairest prices and indeed, those that sell petrol and diesel for far higher amounts.”
Check live fuel prices near you before you set off.
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