There could be some relief on the way for hard-hit motorists, as the RAC predicts that pump prices for petrol could fall by as much as 4p per litre over the next two weeks, due to a reduction in wholesale prices.
This would take the average price of a litre of fuel to 129p, a figure not seen since February 2011. Diesel prices are also expected to fall by around 2p, which would mean a UK average pump price of 137p per litre.
Retail prices have already fallen in some areas, with the big supermarket chains currently engaged in a price war to entice drivers onto their forecourts.
The RAC is urging petrol retailers to follow their example, by being transparent in their operations and passing on wholesale savings to customers.
It has also called on the Government to do their bit, by capping or reducing the amount of duty levied on fuel, which currently stands at nearly 58p per litre.
Chancellor George Osborne last week pledged to freeze fuel duty until May 2015, provided he could make up the income deficit elsewhere.
The news is likely to be welcome respite for drivers, who saw unleaded prices soar as high as 140p per litre early last year.
The high prices have seen motorists drastically change their driving habits – reducing the number of journeys they make and joining car sharing schemes in a bid to save money.
RAC head of external affairs Pete Williams said: “Fuel retailers have clearly demonstrated the transparency of their operations by cutting more off a litre of fuel than many people will be able to remember. As well as saving people hard-earned cash at the pumps, this level of transparency has no doubt created a lot of goodwill with their customers.
“Motorists often complain that prices seem to go up far faster than they come down, but this autumn is proof that this is not necessarily the case.”
October 10, 2013