The price of petrol across the UK has fallen in recent weeks with experts now predicting that the fall might have a positive impact on the wider economy
Petrol prices have fallen to a three-year low. The RAC said the average cost of a liter of fuel at UK forecourts on Tuesday was 135.7p, with prices as low as £1.26 in some areas.
On the same date in 2021, the average unleaded price was 135.87p. RAC fuel spokesperson Simon Williams said: “To see pump prices drop to this level is really positive news, both for households who depend on their vehicles for getting around, and for the wider economy – as there’s a clear link between the cost of fuel and the headline rate of inflation.
“Depending on where drivers fill up, they can be paying as little as £1.26 for a liter of unleaded – making the cost of refueling a typical family car come in at less than £70.”
A relatively low oil price, caused by lower demand globally, and a relatively strong pound are among the factors that are contributing to falling pump prices. Mr Williams added: “Thankfully, we are now a long way from the record high prices of July 2022 which saw the average price of a liter of unleaded hit £1.92.
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“We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fuel stocks.”
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