Petrol prices drop by largest margin since 2008
You might be feeling a little down today. After all, inflation is up, wages aren’t, and energy bills are going through the roof yet again. But it’s OK, petrol prices are going down so we’ll all be OK in the end.
It’s true. New figures from the AA say that the fall in petrol prices between mid-September and mid-October was a whopping 5.49p a litre on average, the biggest monthly fall since an 11.5p fall in November 2008. Diesel has fallen 3.38p.
The AA said the price drop has come about as a result of lower wholesale fuel prices, although further falls were unlikely, and they calculated that the cost of filling up the tank of a small petrol car has fallen by £2.74, and the tank of a Ford Mondeo, would cost £3.84 less to refill. What will we all do with all the extra cash.
The cost of petrol varies around the country too, with the most expensive place for petrol being Northern Ireland at an average of 132.9p a litre, with London, the north of England, and Yorkshire and Humberside tying for the cheapest price at 131.9p. Scotland is the most expensive for diesel at 140.1p a litre, while you can get it for just 138.6p in London.
The AA also reports that fuel prices place the UK as seventh most expensive for petrol within Europe, and second most expensive for diesel. They didn’t bother comparing with the US where fuel costs about 1p a gallon.
The AA's president, Edmund King, said "a more than £2.50-a-tank cut in petrol costs for families is a dramatic improvement.” We think he needs to get out more. Still, as a certain supermarket likes to say, just before dumping tonnes of food, every little helps.
Remember the good old days when there were riots over petrol passing the £1 a litre mark…