Drivers could see the price of a tank of petrol fall by as much as £10 within the next couple of weeks, the AA has predicted.
The price of petrol has already fallen slightly from the record highs seen earlier this year, with costs driven up in recent months by the war in Ukraine and sanctions imposed on Russian oil, as well as the surge in travelling after Covid restrictions were lifted. The average price for petrol is now 188.76p a litre down from 191.53p at the start of the month, while diesel has seen a small drop from 199.07 to 196.96p a litre, The Mirror reports .
The AA has said that motorists could soon see a fall in price - if the fuel trade passes on the savings. AA fuel price spokesman Luke Bodset said: “Wholesale petrol's trajectory, if sustained, would lead to savings of a tenner off a tank from the record highs, providing the fuel trade is prepared to pass them on.”
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He added: "The problem is that, in many places, the price cuts are quite simply not happening despite more than six weeks of falling costs. Roads may suffer extreme heat...but pump prices should have cooled off much more significantly by now."
Just last month drivers were hit by a record price increase in petrol prices - despite a fall in wholesale fuel prices. Analysis by the RAC showed that the average cost of a litre of fuel rose by 16.6p in June, the highest monthly increase since records began in 2000.
The price hike added more than £9 to the cost of filling a typical 55-litre family petrol car. With many struggling to cope with the ever-rising cost of living , the surge in cost angered drivers and motoring organisations.
The RAC said earlier this month that five consecutive weeks of falling wholesale fuel costs have not been reflected at the pumps. “Not a day in June went by when petrol prices didn’t go up, even though the price retailers pay to buy in fuel went down,” said RAC fuel spokesman Simon Williams.
He added: “There’s no doubt that drivers are getting an incredibly raw deal at the pumps at a time when the cost-of-living crisis is being felt ever more acutely.” The prices have led to calls for the Government to take further action to help reduce petrol costs.
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