Diesel still costing close to a ’dismal’ £2 a litre despite oil price falls
Summary
UK diesel averaged 197p per litre, just below its October record of £2, despite falling oil and wholesale prices. Petrol averaged 168p per litre, and the AA said further reductions may follow as wholesale petrol costs continue to fall.Key Facts
- The AA reported an average UK diesel price of 197p per litre.
- The average diesel price had fallen by only 2p from its record of £2 per litre.
- Petrol averaged 168p per litre, down 6p from its early-October peak of 174.7p.
- Wholesale unleaded petrol fell from 77p to 68p per litre in the second half of October and later dropped below 62p.
- The AA said a further 10p-per-litre reduction in petrol prices could be possible.
- A 5p-per-litre pump price reduction saves £2.75 on a typical 55-litre tank, according to the article.
- Federal Reserve governor Christopher Waller said shipping insurance and precautions against Iranian attacks were adding an estimated $20 to $30 per barrel to oil prices.
- Waller said limited refining capacity and other constraints could keep diesel prices elevated even as crude oil prices fall.
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