Petrol prices drop below £1.30 as fuel cost falls to its lowest level in three years
Fuel prices have fallen to a three-year low, with some forecourts selling petrol for less than £1.30 a litre. The fall is due to due to a drop in oil prices and the strength of the pound.
The effect is already being felt locally with the ASDA garage in Cardiff Bay selling unleaded for 129.7p and diesel for 133.7p on Wednesday, September 25. For the latest Welsh news delivered to your inbox sign up to our newsletter.
The RAC says the average price of a litre of fuel at UK forecourts on Tuesday was 135.7p - some drop from the record high of 191.5p in summer 2022. RAC spokesperson Simon Williams said: "To see pump prices drop to this level is really positive news, both for households who depend on their vehicles for getting about, and for the wider economy as there’s a clear link between the cost of fuel and the headline rate of inflation.
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"Depending on where drivers fill up, they can be paying as little as £1.26 for a litre of unleaded – making the cost of refuelling a typical family car come in at under £70. A relatively low oil price, caused by lower demand globally, and a relatively strong pound are the two factors that are contributing to pump prices falling.
"Thankfully, we’re now a long way from the record high prices of July 2022, and we believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks."
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