Gone are the days when pump prices were under a pound. In recent weeks fuel costs have been bobbing around at just under the £2.00 mark but prices could be heading down, and according to the latest predictions, filling up your tank could cost £10 less in the next two weeks.
The reversal in prices could have already begun according to new fuel price data from the AA . The motoring organisation said the price of petrol had dropped by 2.8p a litre from record highs, with drivers benefitting from an average price of £1.50 off the price of a tank.
According to the Express, diesel prices have also started to fall with the fuel being more than 2p cheaper than at the start of the month. The publication wrote that: "Wholesale petrol that had peaked above £1 a litre on 1 June fell to below 80p a litre for much of last week. This indicates that as much as 20p could fall from record highs at the pump within the next two weeks."
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Whether we see this change at the forecourts is a matter for discussion. Luke Bosdet, the AA's fuel price spokesman, says a fall in price could come "providing the fuel trade is prepared to pass them on".
He said: "The problem is that, in many places, the price cuts are quite simply not happening despite more than six weeks of falling costs." He continued: "...pump prices should have cooled off much more significantly by now."
Lib Dem MP Jamie Stone said people living in rural parts are facing far higher costs than others in more urban areas. Liberal Democrat analysis shows households in rural areas can pay £114 a week in transport costs - nearly £40 more than those living in towns and cities.
Accusing the UK Government of "refusing to lift a finger to help", Mr Stone demanded action from the five Tory MPs who are fighting to become the next prime minister. The Liberal Democrats want rural fuel duty relief to be doubled to 10p a litre, as well as claiming the scheme should be "significantly expanded" to cover more areas. The party also wants an emergency cut in VAT, reducing the charge from 20% to 17.5%.
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