Petrol price falls below £1.50 a litre for the first time in 11months
For the first time since the start of the Russian invasion, petrol prices in the UK have begun to stabilise, with the AA reporting that the average cost of a litre of fuel is now below £1.50.
THE motoring group the AA has reported today that the average UK petrol price has fallen below £1.50 a litre, the first time it has done so since before the Russian invasion of Ukraine.
The ‘Special Military Operation’ that Vladimir Putin began in February 2022 marked a period of hardship for many people across Europe and beyond, as petrol prices and energy costs soared as a result. The knock-on effect of this was an increase in the cost of everyday goods, groceries and more.
Now for the first time since the start of the Russian invasion, petrol prices in the UK have begun to stabilise, with the AA reporting that the average cost of a litre of fuel was now below £1.50.
UK petrol price falls below £1.50 a litre
The price at the pump rose to an average of £1.91 by the middle of last year, pushed up by the cost of global oil prices which is the basis of the petrol and diesel we use. In some regions though prices surged even higher, with some petrol stations cashing in and charging more than £2 for a litre of petrol and diesel. Now though with the stabilisation in price, the cost of filling your average family car has dropped, saving motorists around £25 compared to July last year.
Why is diesel so much more than petrol?
While the news for petrol car and motorcycle owners is bright, it’s less rosy for those who drive diesel vehicles, which is around 20p more than it was prior to the invasion. The reason for this is supply and demand. As electric cars catch on and become more and more widespread, the demand for petrol goes down and therefore the price follows suit. Let’s not forget, the petrol price is directly related to the global market, so it’s not just UK vehicle use that has an effect on the price you pay.
Diesel is also a much more widespread fuel, used in shipping, heating homes, haulage, and trains. With those sectors still piling in on the stocks of global diesel fuel, the previous advantageous savings that could come from owning a private diesel car seem to have come to end.
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Simon (AKA Toad) has been working within the motorcycle industry for more than twelve years, and a member of the motorcyclist family since birth. Growing up around British-built single and twins, it was inevitable that a life on two wheels was on the cards, from a very early age!
