17 May 2023
Petrol Price Drop Brings Motorists Welcome Relief
Some good news finally came the way of motorists as the cost of petrol fell to its lowest level in 18 months recently.
New fuel price data from the RAC revealed the average price of petrol has fallen below 145p a litre – this hasn’t happened since November 2021.
Diesel has also fallen in price, below 155p a litre, a figure not seen since February last year.
Prices had peaked at 191.5p a litre for petrol, and 199.09p for diesel, as motorists suffered rocketing costs to fill up their vehicles.
Campaigners have pointed to the slow pace of price reductions as wholesale costs dropped significantly, a trend that has left regular motorists feeling the pinch.
But drivers are now starting to see the benefits as average prices begin to tumble, with the hope of more savings to come over the summer months.
It comes as the Competition and Markets Authority (CMA) look to question supermarket bosses after finding evidence that retailers put up fuel prices too high, saying these price jumps could not be solely blamed on global factors with retailers taking larger margins than before the Covid pandemic.
Sarah Cardell, Chief Executive of the CMA, told the Guardian: “We are not satisfied that all the supermarkets have been sufficiently forthcoming with evidence they have provided in our road fuel market study, so we will be calling them in for formal interviews to get to the bottom of what is going on.”
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