Fuel prices cut as oil cost falls
Petrol prices look set to fall from near-record levels after market turmoil and global recession fears caused a big drop in the cost of oil.Asda has already said it will cut prices by up to 2p a litre at its 188 filling stations from Wednesday, with other supermarkets likely to follow suit.
Standard & Poor's decision to lower the US credit rating - a blow to confidence that could hurt economic growth and demand for oil - has resulted in Brent crude falling 3% to 105 US dollars (£64) a barrel.
Despite the recent slump in oil prices, the AA said the average cost of unleaded petrol on Sunday stood at around 136.5p a litre, just a penny short of the record seen in May. Diesel is currently priced at more than 140p a litre.
The last round of cuts came in June when oil prices tumbled due to the opening of emergency reserves by the International Energy Agency.
AA head of public affairs Paul Watters described Asda's decision to cut prices as particularly welcome, although he warned that stock market speculators could quickly drive the price of oil back up.
He added: "The AA says drivers deserve a longer respite from near-record fuel prices during the holiday period, but nobody should underestimate the ability of so-called 'sentiment' in the commodity markets to drive prices back up again."
The high price of petrol has been blamed for a further squeeze on household spending power at a time of difficult conditions on the UK high street.
Oil prices have tracked the slide in stock markets, with New York listed crude down to 85 US dollars a barrel from 100 US dollars last month and 115 US dollars in May.
Investors are concerned the first-ever US debt rating downgrade will batter already weakening consumer confidence and hurt economic growth.
Uk Average Petrol Price - News
Despite the recent slump in oil prices, the AA said the average cost of unleaded petrol on Sunday stood at around 136.5pa litre, just a penny short of the record seen in May. Diesel is currently priced at more than 140p a litre.
On Thursday (August 4th) and Friday, the commodity lost over a penny to fall to an average cost of 56.5p. 's UK Price Tracker revealed. Since then, the fuel has remained relatively static, with only minor declines being recorded,
(JASO, $3.66, -$0.38, -9.41%) said it expects its second-quarter gross margin to be lower-than-expected on declining average selling prices and the impact of high-cost inventory provisions, though shipments are expected to meet the Chinese
The AA said the average price of unleaded petrol stood at around 136p a litre at the end of last week, just short of the record seen in May. Diesel is currently priced at more than 140p a litre. Paul Watters, head of AA public affairs, said he expected
The HomeLet figures form part of the group's regular Rental index survey, which gathers data on agreed rents from more than 3000 letting agents across the UK. The latest survey indicates that, after increasing by just 0.3% in June, the average UK
No EU price respite for UK drivers
Car owners hit by high petrol costs in the UK will find little relief if they take their vehicle abroad for their summer holiday, according to new figures from the RAC Foundation.
Eight eurozone countries, including France, Italy and Portugal, currently have average petrol prices higher than in Britain. The only good news is that Spain, a perennial favourite for UK holidaymakers, has petrol prices at 123p a litre – much lower than the current UK average of 136p.
The RAC Foundation said Greece has the highest petrol prices at present, at 155p a litre. Other pricey countries include Holland (154p), France and Belgium (147p) and Portugal and Italy (145p). Finland (142p) and Germany (140p), also have dearer petrol than the UK.
The cheapest eurozone petrol is to be found in Cyprus (112p a litre), while Estonia (115p), Slovenia (117p) and Luxembourg (120p) also have more driver-friendly prices. Those with diesel cars will be the main beneficiaries of a car-driving holiday on the continent, as all EU countries have lower diesel prices than the UK where pump prices currently average 140p a litre. Diesel is as cheap as 108p a litre in Luxembourg, while it is 117p in Spain, 130p in France and 134p in Italy.
RAC Foundation director Professor Stephen Glaister said: “Contrary to the myth, the price of unleaded is even more exorbitant on the continent than here in the UK.
“For all the reported problems in the eurozone, the currency remains relatively strong against sterling, and that means UK drivers who have petrol-powered cars will need deep pockets when they get off the ferry or out of the Channel Tunnel.”
He went on: “Compared with the Eurozone countries, the UK is the only nation to have the same level of duty for both diesel and petrol. All other countries have a lower rate of duty for diesel than for petrol and this is reflected with the price of diesel being universally cheaper across the channel.
Uk Average Petrol Price - Bookshelf
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All miles were travelled at 59.9 mph (the DfT average speed for the UK Network) 81. ... At an average petrol price of 103.2p/litre82 this equates to ...New Scientist
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Latest Petrol Prices in the UK
Whatprice calculates the average price of petrol in the uk from prices submitted by users. This page shows the history of fuel prices that we have recieved.
UK Petrol Station Locations
Here is a map showing the current fuel prices in the UK, the average price of unleaded, diesel and LPG is given at the bottom of the petrol map. ...
Average petrol price 92p a litre | Money | guardian.co.uk
Despite big rises in the summer, the price of petrol at the end of this year is almost the same as it was at the start of 2006, the AA Motoring Trust said today.
Fuel Price Reports : AA monthly fuel price report for July ...
Petrol and diesel prices are therefore only marginally below where ... The gap between supermarket prices and the UK average for unleaded has risen to 2.6ppl. ...