Drivers have seen the average petrol prices in the UK dip below £1.50 per litre for the first time since Russia invaded Ukraine in February 2022. The invasion put pressure on oil and gas prices which saw sky-high fuel prices over the summer.
RAC data shows UK petrol and diesel prices became the highest in June 2022, with prices around 191p per litre for petrol and 199p per litre for diesel. By July last year, the cost of filling an average-sized car had hit £105.29, while it was £109.47 for diesel.
In Cardiff, fuel prices at Sainsbury's on Colchester Avenue stood at 176.9p per litre for unleaded, and 185.9p per litre for diesel on August 8, 2022. Just over six months later on February 24, 2023, those prices stand at 138.9p per litre of unleaded, and 163.9p per litre for diesel.
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According to the RAC, there has been a steady drop in fuel prices over the last few months as petrol is now averaging at £1.48 per litre and diesel at £1.68 per litre across the UK. The last time drivers filled up at this price was in mid-February 2022, as the average petrol price in 2022 was £1.65 per litre and £1.78 per litre for diesel.
Fuel prices change based on the wholesale cost of oil, and there has been a steady drop in wholesale prices during the last three months. Wales, Northern Ireland, and the north of England are said to be seeing the lowest prices.
Based on the RAC's data from the end of January 2023, filling up at Asda, Morrison's, Tesco or Sainsbury's was around 3p a litre cheaper that month for both fuels.
This month, according to PetrolPrice.com, which compares prices around the UK, the cheapest places to buy fuel in the Cardiff area is at Morrisons on Newport Road for 138.7p per litre and Sainsbury's on Colchester Avenue for 138.9p per litre. Most Asda stores in the city are priced at 141.7p per litre, while Tesco stores are priced at 141.9p per litre.
The comparison website shows that the cheapest diesel in the Cardiff area is at Asda stores for 161.7p per litre. This time last year, Cardiff's most expensive diesel was 156.9p, whilst unleaded raised to 151.9p.
In February 2022, the government cut fuel duty by 5p a litre in an effort to help drivers. However, the discount is set to end in March. This mean fuel prices could again rise depending on the fuel duty rates made in the upcoming Spring Budget.
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