Not before time I suppose....Petrol Prices Down

  Bingalau 18:14 15 Oct 08
Locked

Retailers push petrol to below £1

Retailers have been accused of being slow to pass on oil price falls.
Supermarket chains Asda and Morrison's and oil giant BP have cut the price of petrol to below £1 for the first time since December last year.

They are now selling unleaded petrol at 99.9 pence per litre and also cutting the price of diesel, as the price of oil falls.

BP has said the new price would apply "at a number" of its outlets.

The supermarket group Sainsbury's has also said it will now cut its forecourt petrol prices on Thursday.

A barrel of oil has fallen from a high of around $147 in July to less than $80, and the firms said they were passing this drop on to customers.

The average price of unleaded petrol in the UK is currently around 117p.

'Welcome boost'

"We're taking the lead again in cutting fuel prices and taking unleaded back below a pound a litre," said Morrisons' chief executive Marc Bolland.

"This is strong support for the millions of motorists that are served at our forecourts."

With the economic situation looking the way it is, I don't think we have seen the bottom yet

Damien Cox, John Hall Associates

Asda said the move would be a "welcome boost for consumers at a time of economic gloom and high inflation".

"This reduction will come as a relief to road users," a spokeswoman said.

BP said the new petrol price would apply at "a number" of its petrol stations, but added it aimed to remain "as competitve as possible".

Back in July, UK fuel prices hit record highs on the back of crude oil also hitting all-time peaks.

Petrol prices touched 119.7p a litre and diesel went as high as 133.25p.

Last week, Tesco sparked a new round of price cuts after slashing prices by 3p a litre at its 430 forecourts.

But there has been criticism that the petrol retailers have not been quick enough to cut their prices.

Prime Minister Gordon Brown has said he wants the drop in oil prices to be passed on to consumers "as quickly as possible".

Regional differences

Analysts expect further price falls at the pump in the coming months.

"With the economic situation looking the way it is, I don't think we have seen the bottom yet. There's still a little bit to come out of this," said Damien Cox, senior analyst at energy adviser John Hall Associates.

RAC motoring strategist Adrian Tink said that the higher prices had seen the average motorist spending £1,300 a year filling their fuel tank.

"At least that figure should start to come down now and motorists will see a significant difference in their wallet when they next visit the forecourt," Mr Tink said.

He added that there were often "huge" differences in price, depending on region.

"We are calling on all retailers across the country to get their petrol prices under the £1 barrier quickly to help Britain's beleaguered motorists."

  Stuartli 18:45 15 Oct 08

>>The average price of unleaded petrol in the UK is currently around 117p.>>

You live in the same part of the UK as me and it's certainly much lower than that - about 106.9p this week for 95 RON unleaded...:-)

  Bingalau 19:02 15 Oct 08

Stuartli. I noticed it advertised this morning on the Petrol Prices site at 103.9 So it has come down over the last few days because I paid 106.9 a couple of days ago. So like Midgetninja I said "bugger" too. 3p a litre is a lot of money to us poor pensioners.... Hope it comes down some more before I buy my motorhome, otherwise I will be camping in the one spot.

  wiz-king 19:14 15 Oct 08

As long as you keep away from town traffic you should find it quite cheap to run. Take your time and reckon to use A roads more than motorways, after all you have the time. At an average speed of about 50mph I get 44mpg from my (very) old Transit camper, that is a 2lt petrol.

  Stuartli 19:38 15 Oct 08

That's almost unbelievable...:-)

My 1.6 (petrol) Bora averages 41mpg on a run and about 35mpg around town and I'm well versed in economy driving...:-(

  Jak_1 20:09 15 Oct 08

I got my petrol today at 103.99 P/per litre in South Manchester.

  DANZIG 22:39 15 Oct 08

Petrol has gone down by a few pence! Way hey!

Has anyone noticed other things going up a fair bit?

May be only a minor thing, but 2 weeks ago I bought a tin of own brand hot dog sausages for 23p...this week they are 45p.

Thats nearly a 100% rise.

Now while we are all going gaga about less than 10p off a litre of petrol, maybe we should look at where that few quid a week we are 'saving' is going..

  Stuartli 00:43 16 Oct 08

The major supermarkets look to the non-food sections to boost profits (I'm not against profits, just over the top price increases).

A simple example is Oust odour eliminator. One major supermarket used to sell it at £1.28 - it's now £1.62.

Yet Wilkinsons sell it at 79p and, of course, Poundland and the 99p Shop sell Oust at the price you would expect.

Similar for Imperial Leather soap. Four bar packs are £1.48 or more at major supermarkets, but £1 or less (even for the special offer six bar packs when available) at the discount outlets.

There are many other examples.

  crosstrainer 06:50 16 Oct 08

Regional differences? How true, also local differences which make me wonder how on earth some retailers stay in business.

Half a mile from me, there is a Somerfield 24 hour small shop and garage type outfit, selling a few usual essentials at inflated prices, and of course fuel.

Unleaded premium is £1.26 Diesel is 1.19.

300 yards up the same road, small Gulf establishment Unleaded premium 1.28 Diesel 1.23. Can't understand the difference, or why anyone would buy from the more expensive garage.

  red1977 09:57 16 Oct 08

"At an average speed of about 50mph I get 44mpg from my (very) old Transit camper"

hope I dont get stuck behind you! :)

  babybell 14:26 16 Oct 08

Asda's petrol prices are nationally set and they are currently selling petrol for 99.9, so get to the nearest Asda petrol station if you want to save money!

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