Petrol and diesel pump prices in the UK have fallen to their lowest levels in nearly three years – but motorists should expect a first rise in fuel duty for 14 years next month
Motorists who visit Asda, Morrisons, Sainsbury’s and Tesco petrol stations among others are being advised to top up their tanks today.
UK petrol and diesel prices have plummeted to their lowest since nearly three years ago, with a warning that fuel duty is expected to rise next month for the first time in 14 years. The new Labour government may be set to scrap the longstanding freeze on fuel duty.
The AA has reported that as of Wednesday this week, the average price at the pumps dipped to 139.5p per litre, marking the lowest rate since October 2021. Wednesday also saw diesel prices drop to an average of 144.2p per litre, which is slightly higher than last July’s figures but still the lowest since October 2021, according to the motoring organisation.
The AA said that pump prices have decreased in tandem with the global oil market downturn, reports Birmingham Live. Globally, Brent crude has seen a decline from over $80 a barrel in mid-August to $73 this week, yet the savings were passed onto consumers “much sooner than would have been the case” due to the anticipated cut in fuel duty.
AA president Edmund King said: “Pure and simple, the only reason why pump prices are at a three-year low this week is because of the 5p fuel duty cut. Removing it threatens to send millions of low-income drivers back into the era of ‘perma-high’ road fuel prices.”
He warned that rolling back the cut could trigger a £3.30-a-tank hit for motorists “most of whom are low-income and struggling to balance their budgets”. This £3.30 hike implies that someone topping up their tank will see a £171.60 increase starting from November.
As the government braces for an autumn budget aimed at addressing the “£22bn black hole” in public finances left the previous Tory government.