September 16, 2011
Hard-pressed motorists have seen little or no benefit from the recent fall in crude oil prices, the AA has revealed.
A 7 per cent drop in the value of the pound against the dollar since August has denied drivers the possibility of a 2p per litre price cut on petrol, the motoring organisation said.
Prices dipped around 1.5p in August but have climbed again to leave prices of both petrol and diesel within a fraction of their all-time high seen in May, even though the market prices of crude oil have fallen by more than 10 per cent.
The cost of a litre of petrol is now 135.61p while a litre of diesel is 139.62p, meaning there has been none of the usual downward move following the end of the summer driving season, said the AA.
President Edmund King added that the price of Brent crude was also 10 US dollars a barrel out of line with the US equivalent of light crude, something that was potentially worth 5p a litre to UK motorists, he said.
‘Current fuel prices would be worse were it not for UK supermarkets’ traditional lag in passing on higher wholesale costs.’