Nottingham's cheapest petrol stations as prices reach…

Nottingham's cheapest petrol stations as prices reach new record highs

Average pump prices have hit new record highs amid growing speculation the Chancellor is preparing to slash fuel duty. Figures from data firm Experian Catalist show the average price of a litre of fuel at UK forecourts on Sunday was 167p for petrol and 179p for diesel.

This is an increase of 18p for petrol and 26p for diesel over the past month. There are suggestions Chancellor Rishi Sunak could announce a temporary cut in fuel duty of up to 5p per litre in Wednesday’s spring statement (March 23).

Gordon Balmer, executive director of the Petrol Retailers Association, which represents independent forecourts, insisted “we don’t want to charge” record prices as “many of our members know their customers personally”. Asked by Sky News if average prices could soon hit 200p per litre, he told Sky News that fluctuating wholesale costs mean pump prices “could go up to that level”.

He added: “We hope not, but it’s obviously very hard to predict at the moment.” AA spokesman Luke Bosdet accused retailers of failing to pass on a recent fall in wholesale costs.

He said: “Wholesale petrol and diesel costs started to fall away dramatically on March 9, yet more than 10 days later prices at the pumps continue to set new records. Even with oil rebounding to 110 US dollars a barrel at the end of last week, wholesale petrol on Friday was down 12p a litre on the March 8 peak.”

Mr Bosdet added that supermarkets are failing to spark industry-wide price cuts. He said: “Pre-pandemic, the retailers would sit on lower-cost savings and wait for either Asda or Morrisons to announce price cuts, and then start to bring their prices down.

“Now that that competitive thrust has largely gone, drivers and businesses in desperate need of the financial relief of lower pump prices must struggle on.”

Fuel duty is currently levied at 57.95p per litre for petrol and diesel, with VAT at 20% charged on top of the total price. Petrolprices.com outlines the cheapest places to buy petrol in Nottingham:

These prices are subject to change due but were on the website on March 22:

Texaco Meadow Lane - 159.9p

Morrisons Gamston - 160.7p

Tesco Beeston - 160.9p

Morrisons Bulwell - 162.7p

BP Daleside Road - 162.9p

Texaco Westdale Lane - 162.9p

Morrisons Netherfield - 162.9p

Tesco Top Valley - 162.9p

Tesco Bulwell - 162.9p

Shell Sherwood Rise - 163.9p

Texaco Hucknall Road - 163.9p