Filling stations have failed to pass on cheaper wholesale fuel prices, the AA said today.
A 10 per cent fall in crude oil prices in January has barely impacted on the cost of petrol and diesel for UK drivers, reports the AA in its mid-monthly price analysis.
With the price of oil once more heading up towards the high $90s a barrel and UK prices already suggesting an upward turn, prospects for drivers, business and the economy again look gloomy.
In three weeks time the Chancellor will announce in the Budget whether or not he has heeded pleas for a fuel duty freeze or ignored the threat to family budgets, business health and inflation.The average price of UK petrol between mid-January and mid-February fell just a quarter of one penny, from 104.28 pence per litre then to 104.02 now. The price of diesel has stalled at 109.3 pence per litre, up from 109.24 mid-last month.
At the same time last year, the average price of UK petrol was 86.78 pence per litre and diesel 90.65. The 17.24-pence difference in the cost of petrol means that the typical 50-litre fuel tank is costing £8.62 more to fill up compared to the same time last year.
The average UK petrol car owner is spending an added £18.48 per month on fuel (£111.48 in February 2008 as opposed to £93.00 in February 2007).
A comparison of average petrol prices by retail brand shows that supermarkets passed some of the price reduction on to the customer, while most non-supermarket retailers kept their prices largely where they were a month ago.
A half-pence fall in the price of petrol in Northern Ireland saw the region cede the position of most expensive area for petrol to London – average prices in the capital stagnated at 104.8 pence per litre, more than three-quarters of a penny above the UK average.
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“If the average cost of UK petrol continues to rise, as prices in recent days seem to indicate, the Chancellor will surely find it impossible to add 2.35p in duty and VAT at the start of April.
The price of petrol peaked at 104.44 pence per litre on 23rd January, and the Chancellor now runs the risk of setting a new UK record for the price of petrol and diesel. This hike would simply backfire to fuel inflation,” says Edmund King, the AA’s president (right).
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“The US government’s Energy Information Administration, in its latest Short Term Energy Outlook, predicts a 10-15 per cent increase in the price of petrol going into the new summer motoring season. There appears to be little relief for UK motorists but the Chancellor could help. ”
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February’s average petrol prices
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February’s average diesel prices
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London
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104.8 ppl
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Northern Ireland
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109.8
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N Ireland
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104.6 |
London |
109.6
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Wales
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104.1
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Wales |
109.6
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Scotland
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103.3 |
Scotland
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109.2 |
UK AVERAGE
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104.02 |
UK AVERAGE
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109.3
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