Fuel price round-up

Fuel prices have fallen even further this week, with average petrol prices down 2.4 per cent. But will they fall further than 116.2p-per-litre?

The reduction in the cost of petrol means that the driver of an average family car - like the Ford Focus - with a 55-litre tank can now fill up for £63.91, a saving of £2.20 since February this year. The average price of diesel is also down by 1.7 per cent, to 117.3p-per-litre.

While there is ambiguity surrounding the future price of fuel with the current political climate, a further reduction in prices is expected due to the wholesale cost of oil falling. The RAC's Fuel Watch also predicts a further price reduction.

Simon Williams - RAC fuel spokesman - said: "The cost of a barrel of oil fell to $47.15 on Wednesday [7 June] – the lowest price since early May – contributing to a 2p-per-litre reduction in the wholesale price of petrol since 24 May. In the same time period the price of wholesale diesel has come down by more than 3.5p-per-litre."

Although supermarkets often have cheaper fuel for sale due to competitive pricing amongst themselves, the average price of diesel is still around 4p-per-litre more expensive than it should be at UK retailers - like Shell and BP - because the wholesale price or diesel is now cheaper than petrol.

The average price of fuel in London is currently 118.3p-per-litre, over 2p-per-litre more than the national average. However, supermarkets like Asda are offering costs as low as 113.7p-per-litre. See how much your fuel is costing you here.

Fuel prices are of even more importance since it was revelealed that only one in 10 cars hits its advertised mpg. Misleading fuel economy figures can add more than £1000 to the long-term running costs of some of the UK's best-selling cars.

Click here to check your Real MPG or to add your car's MPG figures to our database. Cashback for fuel are also available with the Petrol Prices Fuelback card when you purchase things like insurance and parking from selected providers.