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Fuel prices stabilise in July after months of rises

Published 03 August 2016

The average cost of fuel decreased very slightly in July, following four consecutive months of rises. The 0.41 pence-per-litre (ppl) drop in the cost of petrol and 0.06ppl drop in the cost of diesel were brought about by lower wholesale costs, according to the latest RAC fuel watch report.

In real terms the reduction will have made very little difference to drivers – but the in early August major supermarkets announced a more significant price cut of around 2ppl for both petrol and diesel. You can read more about the reductions here.

RAC fuel spokesman Simon Williams said: “July’s slight reduction in fuel prices is very welcome as it has ended four months of rising prices on the forecourt. We are hopeful that the early August supermarket cut will make a bigger difference to household budgets in the summer holiday period even though it came a more than a week later than it should have done.”

 

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