Petrol price drops to three-year low
THE price of petrol has dropped to its lowest level in three-and-a-half years, new figures show.
In the past week, prices for both petrol and diesel have fallen by 2p per litre, leading to the lowest average price for petrol since August 2016.
According to government data, the average cost of a litre of petrol is now £1.10, while the cost of diesel has dropped to £1.17.
The last time diesel was this cheap was August 2017.
Some retailers are even pricing their petrol at less than £1 per litre.
Filling up a 55-litre family car is around £9 cheaper today than in late January.
The price drop has been driven by a reduction in oil prices of almost half since the beginning of the year.
The number of motorists taking advantage of cheaper fuel is limited due to the government’s strict social distancing measures.
Department for Transport figures show that road traffic has fallen by around two-thirds in the past three weeks.
The Petrol Retailers Association has warned that many forecourts will be forced to close due to a lack of sales and their businesses becoming unprofitable, with rural sites particularly vulnerable.
RAC fuel spokesman Simon Williams said: “While fuel prices are at a three-and-half-year low, not many drivers are able to take advantage of them.
“We would normally be calling for prices to be reduced further due to the low price of oil, but in these unprecedented times we would urge people to support smaller independent fuel retailers in more rural locations otherwise they may end up losing them, to their future detriment.”