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The Markets
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The Markets
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Energy

Petrol prices at six-month low after falling back to February levels

Petrol prices fell to their lowest since February this week, motoring organisation the AA reported on Friday.

At an average of 143.0p per litre, petrol hit a six-month low, while diesel fell to levels not seen since January at 147.9p.

Though this was a “little cause for celebration” among drivers, the AA noted that petrol prices remained inflated compared to historic levels.

Prior to the coronavirus pandemic, the highest average price for petrol was reported in April 2012, at 142.5p per litre.

“They may be way below the 191.53p record for petrol in July 2022 but they are currently locked at a permanently and historically high level that drains consumers’ finances,” spokesperson Luke Bosdet commented.

The group warned that scrapping a 5p per litre fuel duty cut, introduced in March 2022, could hit drivers if not kept after its guaranteed term ends next March.

Bodset said the end of the measure, which is worth 6p a litre when accounting for VAT, would “feel like a substantial pay cut” for many who rely on their vehicles for work.

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