The average price of unleaded petrol at the pumps in the UK has fallen below 130ppl after two months of higher prices.
The average price of unleaded petrol rose above 130ppl in May, peaking at 131.70ppl during the first weekend of July. Experian Catalist reported that on Wednesday 6th August the average price fell to 129.95ppl, compared with 130.03ppl the previous day, although the AA said it was possible to pay 125.9ppl in east London earlier in the week.
Prices are well down on a year ago when petrol averaged 137.50ppl before surging to a peak of 138.38ppl in mid October. The record average petrol price was 142.48ppl recorded in April 2012.
Average diesel prices have also fallen to 134.26ppl on Wednesday after rising to 136.37ppl in early July. A year ago, diesel hit 141.74ppl, on its way to a mid-September peak of 142.88ppl. The highest recorded average price for diesel was 147.93ppl in April 2012.
AA president Edmund King commented: “Crises in Iraq and the Ukraine helped to send oil prices to $115 a barrel in June, although a strong pound softened the impact for the UK driver. Behind the headlines, faltering oil supply from Libya and signs of a strong summer demand for road fuel in the US heated up commodity prices.
“Since then, oil is now down around $10 a barrel – partly because Libyan supplies began to grow again and doubts concerning US gasoline demand have resurfaced. However, although fuel costs are lower, consumer confidence and spending have yet to recover.”
Daily average fuel prices from Experian Catalist are reported on the home page of the Forecourt Trader website at www.forecourttrader.co.uk.