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Could pump prices finally stabilise?

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Pump prices continue to reach fresh highs but with a small reduction in the cost of wholesale petrol, could it mean prices finally stabilise?

The average cost of unleaded petrol has edged up to 187.01p per litre, while for diesel drivers, it costs 193.30ppl.

This takes the cost of filling up an average 55-litre family car to £102.96 for petrol and £106.32 for diesel.

And supermarkets, which tend to be cheapest, have also seen prices rise to an average 182.64p for unleaded and 190.10p for diesel drivers.

RAC fuel spokesman, Simon Williams, said: “The fuel retailing giants have raised the price of unleaded by 12p since the start of the month and diesel by almost 10p which has naturally led to a similar trend being seen with average prices around the UK.

“Fortunately, there was a 2p a litre reduction in the cost of wholesale petrol on Wednesday which could signal prices finally stabilising at the pumps. But much depends on wholesale prices remaining at a similar level for several days, or even falling. The wholesale price of diesel, however, continues to rise which will no doubt speed up its journey towards an average of £2 a litre.

“While, positively, the oil price retreated below $120 for the first time since late May, sterling sank to its weakest point since the start of the pandemic which is not good news as fuel is traded in dollars.”

Williams added: “We are struggling to understand why the government refuses to talk about further intervention to help drivers. Other countries across Europe are clearly taking the situation more seriously as many have reduced duty further than we have, while some such as Spain have even worked with the fuel industry to introduce a 20-cent discount on the final forecourt bill.”

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