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'Cut Fuel prices further' says the RAC

23rd February 2018 | Mike Lamb

One of the country's largest Automotive support companies, the RAC is calling for Supermarkets and Fuel providers alike to further cut the price of fuel on UK forecourts following on from a small price cut a few weeks ago.

The RAC is urging companies to cut at least another 2p per litre from their costs. After an earlier appeal supermarkets responded with small cuts, whilst Asda led the way with an initial 2p per litre reduction across Petrol and Diesel. To coin a term from another supermarket "Every little helps" however, the effect has not been as powerful as it could have been argue the RAC. Because of the way that supermarkets vary their prices across the country according to geographical location, we can never be guaranteed a "good deal" regardless of where we go.

The average price of fuel paid across all UK forecourts has hardly changed through the month of February, reducing by around 0.5p a litre - leaving unleaded petrol at 121.53p and diesel at 124.21p. However, the cost of oil has fallen even further and stands at around $61 a barrel - its lowest price since November 2017, the exchange rate between the Pound Sterling (GBP) and US Dollar (USD) is at an improved point too when compared to November. As you would expect though, these savings haven't been passed on to the consumer even though fuel wholesale price has declined. Fuel has increased in price for three months consecutively since November, leaving motorists increasingly out of pocket.

Historically it has been the case that when supermarkets lower their prices, local rivals follow suit so that they don't lose out on custom. As it stands right now there isn't much difference between supermarket pricing and that of the major fuel companies and without somebody taking the initiative to lower their prices, consumers will continue to be held to ransom over their fuel costs.

How do you feel when you see the cost of fuel? Can you remember how much it was per litre when you first started driving?

It used to cost me £40 to fill the tank of my bright green 1.2 Fiat Punto when I was 17 (76.9p per litre).

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