Second lockdown to bring price cuts at the pumps

Second lockdown to bring price cuts at the pumps
Fuel prices look set to fall by up to 5p per litre over the next two weeks – as lockdown number two causes a case of déjà-vu for drivers.

According to latest RAC Fuel Watch data, wholesale unleaded prices tumbled by 4.62p to 82.26p through October due to the falling oil price – and discounts should follow on the forecourts.

Pump prices remained virtually the same during October, but on Wednesday November 5, Asda cut its petrol price by 2p per litre (charging no more than 108.7p) and 3p on diesel (no more than 111.7p), with other retailers likely to follow.

RAC fuel spokesman Simon Williams said: “It’s likely to be a case of déjà-vu for drivers this month as once again fuel prices are starting to fall just at the point when we’re all driving less as a result of a coronavirus lockdown.”

While prices are unlikely to fall to March levels, which dropped below £1 a litre, “any driver needing to fill up later in November should be greeted by the sight of lower prices, if retailers do the right thing,” Mr Williams said.

Fuel Watch data suggests retailers have been overcharging motorists for almost two months now, as diesel prices at the pumps remained significantly higher than petrol despite cheaper wholesale costs, between the middle of August and the middle of October.

Mr Williams said: “Diesel drivers have reason to feel particularly hard done by, as arguably they have been paying over the odds for the fuel for two whole months now. We strongly urge retailers to lower the price of diesel, both for businesses and the country’s 12m-plus diesel car drivers.”

The cost of filling up a 55-litre family car with petrol at a supermarket is now £2.65 less than the UK average (£60.29 per tank, compared to £62.94), and £2.24 less to fill with diesel (£62.56 per tank, compared to £64.80).

 Unleaded  01/10/2020  29/10/2020  Change 
 UK average  114.53  114.43  -0.10 
 East  114.85  114.66  -0.19 
 East Midlands  114.39  114.39  0.00 
 London  115.84  115.38  -0.46 
 North East  113.17  112.97  -0.20 
 North West  114.29  114.23  -0.06 
 Northern Ireland  111.56  111.31  -0.25 
 Scotland  114.15  114.37  0.22 
 South East  115.46  115.26  -0.20 
 South West  114.40  114.24  -0.16 
 Wales  113.57  113.50  -0.07 
 West Midlands  114.42  114.35  -0.07 
 Yorkshire and the Humber  113.96  113.89  -0.07 

 

 Diesel  01/10/2020  29/10/2020  Change 
 UK average  118.09  117.82  -0.27 
 East  119.03  118.80  -0.23 
 East Midlands  118.01  117.78  -0.23 
 London  118.91  118.50  -0.41 
 North East  116.88  116.54  -0.34 
 North West  117.70  117.58  -0.12 
 Northern Ireland  114.25  114.13  -0.12 
 Scotland  117.73  117.61  -0.12 
 South East  119.54  119.12  -0.42 
 South West  118.01  117.69  -0.32 
 Wales  117.45  117.17  -0.28 
 West Midlands  118.06  117.76  -0.30 
 Yorkshire and The Humber  117.36  117.07  -0.29 

 

Although the roads aren’t expected to be as quiet during the second national lockdown, fuel sales should fall in the coming weeks.

“We’re concerned some retailers may choose to only cut by a few pence, or not at all, which would be bad news for drivers,” Williams added.

“There is perhaps a cruel irony for motorists here in that the route to cheaper prices is cheaper oil, yet the main reason the oil price is lower is because so many of us across the world aren’t travelling.”

 


First published on the RAC Media Centre.
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