Petrol price update as experts make huge 130p per | Tech News
According to RAC Fuel Watch, the reductions are down to a fall within the price of oil with barrels dropping from above $80 to only underneath $70 now.
Simon Williams, RAC’s head of coverage, mentioned they anticipated retailers to axe costs as quickly as this week.
Simon defined: “Drivers have had to endure five months of rising prices, so it’s good news wholesale prices have fallen significantly, and forecourt totem signs should soon be reflecting this.
“We anticipate retailers to begin to cut costs this week as more buy in new provide at decrease costs.
“As long as the cost of a barrel of crude oil stays around the $70-mark, we believe there’s a chance drivers could see petrol heading back down towards 130p a litre.”
A reduction can be welcomed after months of slowly rising prices has left petrol and diesel charges at a six-month high.
The value of unleaded petrol was up by 0.65p per litre in February with national averages at their highest price since September.
Analysis instructed that topping up a 55-litre household car with petrol would set street customers back round £76.81.
Diesel additionally went up in February, with charges rising by 0.73p per litre.
Simon added: “As always in a falling market, much will depend on how fully retailers decide to pass on these wholesale savings at the pumps.
“The outdated ‘rocket and feather’ saying about costs going up like a rocket and falling like a feather will hopefully be proved unsuitable this time round.”
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