Petrol and diesel prices are dropping
The good news is that petrol prices in the UK have fallen from their record highs in 2022. As of today, December 21, 2023:
- Average unleaded petrol prices are around 146.7p per litre. This is a decrease of roughly 8p since the beginning of November and a significant drop from the all-time high of 191.5p in July 2022.
- Average diesel prices are around 152.1p per litre. Similarly, this represents a decline of about 7p since November and a notable dip from the record peak of 199.09p in June 2022.
Several factors have contributed to the recent decrease in petrol prices:
- Global oil prices: After surging due to the Ukraine war and supply chain disruptions, global oil prices have stabilized and even declined in recent months. This translates to lower wholesale costs for fuel retailers in the UK.
- Strength of the pound: The pound sterling has gained some strength against the US dollar, making importing oil cheaper for UK refiners.
- Reduced demand: There may be some decrease in fuel demand due to economic slowdown and higher cost of living in the UK.
However, it’s important to note that:
- Petrol prices can still vary significantly depending on location and individual petrol station. You can use resources like PetrolPrices.com or Confused.com to compare prices near you.
- Despite the recent drop, prices are still above pre-pandemic levels. In December 2019, average unleaded petrol was around 117p per litre and diesel was around 126p per litre.
- The future of petrol prices remains uncertain and could be impacted by factors like global events, currency fluctuations, and government policies.
Most of us have to buy fuel, whatever the price, but it makes a very pleasant change for the prices to be going down. Let’s hope it continues!