Drivers will enjoy lower fuel prices as low oil demand drives down costs, says RAC

Low oil demand in October should lead to fuel cuts of up to 5 pence a liter in the next two weeks, according to the RAC.

Despite the price of a liter of petrol remaining ‘virtually unchanged’ for the second consecutive month at just over 114 pence per liter on average in October, wholesale prices for unleaded petrol fell 4.62 pence to 82, 26 pence during the month as a result of falling wholesale oil prices. .

This should, in turn, result in lower prices on the concourses. Asda has already made the move, cutting 2 pence from a liter of petrol, charging no more than 108.7 pence per litre, as well as 3 pence from diesel, with a liter costing no more than 111.7 pence.

Cars, Cars, Cars News, Drivers Will Enjoy Lower Fuel Price As Low Oil Demand Drives Costs Down, Says RAC

RAC fuel spokesman Simon Williams said: “It is likely to be a case of déjà-vu for drivers this month as once again fuel prices are starting to fall right at the point where we all drive. least as a result of a coronavirus lockdown. It’s good to see Asda leading the way this morning with an initial price cut and now we need other retailers to follow suit as quickly as possible.

“While we don’t expect prices to drop as much as last time (in March, petrol prices were below £1 a liter as a result of oil prices falling to a 21st century low), any Driver needing to refuel later in November should be welcome. in the face of lower prices, if retailers do the right thing.”

Cars, Cars, Cars News, Drivers Will Enjoy Lower Fuel Price As Low Oil Demand Drives Costs Down, Says RAC

The cost of refueling an average 55 liter petrol family car at a supermarket is now £2.65 less than average at £60.29 per tank, while refueling an equivalent diesel car costs £2.24 less at 62 £.56 per deposit.

Williams added: “However, it remains to be seen to what extent retailers pass on the wholesale savings they have recently been enjoying to drivers. While the volume of fuel sold in the coming weeks is likely to be lower than in recent times, we are concerned that some retailers may choose to cut just a few cents, or not cut it at all, which would be bad news for consumers. drivers, especially as we don’t anticipate the roads to be as quiet as they were during the first closure.

“There is perhaps a cruel irony for motorists here in that the route to cheaper prices is cheaper oil, but the main reason the price of oil is lower is that many of us around the world we are not travelling.

“Diesel drivers in particular have reason to feel particularly hurt, as they have arguably been overpaying for fuel for two full months. We strongly urge retailers to lower the price of diesel, both for businesses and for the nation’s more than 12 million diesel car drivers.”

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