According to the AA, the price of filling up a car with petrol is set to drop by £10 within the next two weeks.
New fuel cost data from the UK motoring association has revealed that the soaring costs of fuel are expected to soon drop back down. The AA has said that the cost of petrol has fallen by 2.8 per litre from the record highs, with drivers currently paying around £1.50 less on filling up a tank.
As reported by the Daily Express, diesel prices have also begun to fall. Compared with the start of July, the fuel is over 2p cheaper than it was.
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Drivers filling up their vehicle will pay an average price of 188.76p per litre for petrol and 196.96p per litre for diesel. Wholesale petrol, which had previously peaked at more than £1 per litre in June, fell to under 80 per litre last week.
This suggests that, in the next two weeks, prices could fall by as much as 20p per litre. However, the AA has warned that these savings may not be passed on to drivers.
AA’s fuel price spokesperson Luke Bosdet 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.
“So far this morning, even with oil rebounding, wholesale petrol remains below 80.5p a litre. 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 today and tomorrow but pump prices should have cooled off much more significantly by now. Drivers should keep their eyes peeled for big savings on fuel as they travel around, and price search engines like the AA App will help."
He added: “However, Northern Ireland’s Fuel Price Checker, if extended across the UK as the Competitions and Markets Authority (CMA) suggested was a way forward, would show at a glance the much cheaper towns.”
The CMA unveiled a report at the start of the month that investigated fuel costs. It highlighted several reasons as to why fuel prices were so high.
The main factors were found to be an increased cost of crude oil and a widening gap between between crude oil price and the wholesale cost of petrol and diesel. The report also revealed major differences in fuel price between urban and rural areas.
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