Diesel And Petrol Prices Could Soon Reach £1 At Fuel Stations
With the value of crude oil fluctuating wildly due to the coronavirus pandemic, both diesel and petrol prices are closing in on the £1 mark at pumps…
Petrol Prices Slump Under Lockdown
It’s probably not going to be enough to cheer you up during the lockdown, but it’s something. Petrol prices are rapidly approaching the £1 mark thanks to the coronavirus pandemic (and the subsequent government lockdown). Data compiled by RAC Fuel Watch suggests that the average pump price of unleaded is 112.56p per litre and diesel is 117.18p per litre. Both could soon drop to 98p and 108p respectively. Throughout the month of March, the average price of a barrel of crude oil dropped by 66%, from $50 (£40) per barrel to under $18 (£15) per barrel; that’s the lowest level in over 18 years. Since then, the value has risen slightly and now sits at just over $30 (£24) per barrel. Whether drivers will benefit depends on how much of their savings retailers pass on.
Simon Williams, a spokesman for the RAC, explained the situation. He said, “wholesale fuel prices have slid so far that there remains scope for further price cuts, but we are very mindful at this time of the pressure this can place on smaller, independent forecourts that provide a vital service in areas where there is no supermarket footprint”. So far, both ASDA and Morrisons have reduced petrol prices (and those of diesel) at their forecourts by 12p and 8p.
But Will Anyone Really Benefit?
Under normal circumstances, the prospect of £1 fuel prices would be a cause for celebration amongst motorists. However, under the grip of lockdown it’s hardly something that many will hope to benefit from. Tens of millions of us are confined to our homes. As a consequence, traffic levels have reached those not seen since the mid-1950s. In addition, motoring organisations are having to warn drivers to check on their cars’ batteries; because they’re not being used, they can go flat or become damaged. It’s unlikely, then, that many drivers will be buying any fuel at all. That said, hundreds of thousands of key workers still need to remain mobile, whether they’re delivery drivers or NHS workers. In challenging times such as this, reduced fuel costs can go along way in keeping them financially secure and able to carry out their duties. Let’s just hope prices don’t skyrocket once lockdown measures are removed and we return to our normal routines.
Coronavirus Causes Fastest Fuel Price Drop In 20 Years – https://autoserve.co.uk/motoring-news/coronavirus-causes-fastest-fuel-price-drop-in-20-years/
Premium Fuel, Is It Worth Your Money? – https://autoserveclub.co.uk/blog/premium-fuel-is-it-worth-it/
