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June marks the end of four months of rising prices at the pumps

Published 03 July 2019

Four months of rising fuel prices finally came to an end in June, with both petrol and diesel falling dramatically due to a fall in the wholesale cost of oil.

The average price of unleaded dropped 3p-per-litre from 130.67p to 127.62p while diesel reduced 4.61p from 135.51p to 130.90p. This marks the ninth biggest monthly reduction in the price of a litre of diesel since 2000, according to RAC Fuel Watch data. 

Based on the average UK price of unleaded coming down by 3p-per-litre the cost of filling up a 55-litre family car - like a Ford Focus - fell by £1.68p to £70.19 by the end of June. The saving on a tank of diesel was greater at £2.54, down to £72.

But despite the wholesale price of petrol in the first week of June reaching its lowest point since March, the pump price did not fall as far as it should have done, says the RAC. In stark contrast, when the wholesale price was a similar level in March, unleaded was being sold at 123p a litre – more than 4p cheaper than it was in the last 10 days of June.

"Retailers were clearly banking on the oil price rebounding after its sudden drop which began at the end of May when a barrel was over $70. Inevitably this has meant bad news for drivers who have lost out with pump prices being 4p-a-litre more expensive than they should have been," said RAC fuel spokesman Simon Williams.

Comments

   on 4 July 2019

Unsurprisingly, BP Garages were about 4p/litre more than the Supermarkets and on top of that selling BP Ultimate diesel at £145.9/litre as of 26th June.

Yes, I've noticed the standard fuel prices coming down, but not BP Ultimate by more than 2p at best.

Good job Ye Olde much maligned Golf 1.6TDI can still get 60mpg..!

DJM
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signman    on 8 July 2019

I am an out of fashion diesel driver, but it's Euro 6 and just £30 VED (March 2016) so I decided to pay off the PCP and enjoy almost 50mpg rather than realise the depreciation and go for a petrol version only returning 35mpg If I were lucky (as well as £145 VED).

Also, I'd be effectively indebting myself to twice as much for the 2019 version as the settlement figure I've just paid for my 2016. Not great for the Exchequer with all the taxes I am saving but I'll keep this one until EV's are more mainstream/cheaper and there is a proper infrastructure of charging points.
Even then I think I'd buy used and save thousands over new and then perhaps I can avoid paying for some of those stupid EU rules coming along that bump up the price without enhancing the luxury of my ride (give me a seat massager over and above a speed restrictor!!).

EddieB    on 8 July 2019

With my Dacia Logan MCV 1.5dci doing 60+mpg and £0 road tax,a few pence either way makes no difference.Will definitely be keeping this car for as long as possible

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