Petrol prices have finally crept to just under a litre – 99.9p in most places, but in some garages throughout the UK, the price of unleaded petrol is as low as 95.9p. Diesel drivers have less to be cheerful about, with the cost of their fuel still hovering over the £1 mark at around £1.15 in most garages – it has been noted that there’s roughly a 15p price discrepancy between the two.

The prices are significantly lower that they were last December, where the cost of unleaded soared to over £1.20 a litre, and diesel rocketed to well over £1.30. Supermarkets have been leading the way in the price cut, with Asda and Sainsbury’s dropping their pump prices from £1.04 a litre for petrol and £1.10 for diesel, and Morrisons following suit.

Adrian Tink of the RAC, welcomed the cuts: “Finally, we have a bit of respite for Britain’s hard- pressed motorists. For the past year, they have been paying over £1 a litre for petrol. This has hit Britain’s motorists hard in a tough economic climate, with the average motorist [now] spending over £1,300 a year to fill their tank.

“At least that figure should start to come down now and motorists will see a significant difference in their wallet when they next visit the forecourt.”

However, these price cuts come in spite of the fact that the price of a barrel of oil has recently dropped to just $75, down from its all time-high of $147 – nearly double the price.

This entry was posted on Thursday, October 16th, 2008 at 9:33 am and is filed under Budgeting, Savings. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.