Petrol now N2, 931 per litre in UK, lowest price since February

Petrol prices in the UK have fallen to their lowest level in six months, a new analysis shows.

The Automobile Association (AA) (https://www.theaa.com/about-us) said the average price of a litre of petrol was 1.43 pounds (1.85 dollars) this week. At N2,050 to a pound, that is an equivalent of N2,931.37.

Mid-February was the last time it was this low.

Diesel prices have fallen to an average of 147.9 pounds per litre, a level not seen since late January.

The AA claimed the figures are “little cause for celebration,” noting that the highest average price for petrol before the coronavirus pandemic was 1.425 pounds per litre in April 2012.

Scrapping the 5 pence-per-litre fuel duty cut – introduced in March 2022 – would have a significant impact on workers earning the national living wage who drive a substantial mileage due to their job, according to the motoring organization.

An employee who fills up once a week would lose 5.9 per cent of the benefit gained from living wage increases in the past two years if that happened, the AA said.

The fuel duty cut – which is worth 6 pence per litre when VAT is taken into account – is only guaranteed until March 2025.

AA fuel price spokesman Luke Bosdet said: “Pump prices this summer have given UK drivers little cause for celebration.

“They (petrol price) may be way below the 1.9153 pounds record for petrol in July 2022 but they are currently locked at a permanently and historically high level that drains consumers’ finances.

“For low-paid workers who welcomed a living wage increase of nearly 2 pounds an hour during the cost-of-living crisis, having to pay an extra 6 pence a litre for road fuel is going to feel like a substantial pay cut.”

(PA Media/dpa/NAN)