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Petrol prices fall for fourth month in a row in November

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04/12/2019
Petrol prices in the UK fell for the fourth consecutive month in November, with a litre of unleaded falling half a pence to 125.93p.

A litre of diesel fell by a similar amount from 130.27p to 129.83p, according to RAC Fuel Watch.

Since the beginning of August, the average price of petrol across all UK forecourts has dropped by 3.31p a litre, while diesel has gone down by 2.21p.

As a result, the cost of filling a 55-litre family car with unleaded is now £1.82 a tank cheaper than early August and a diesel fill-up is £1.21 less.

The average supermarket price of unleaded at the end of November was 121.20p, down 1.74p in the month, and diesel was 125.15p, down 1.41p. Both fuels at supermarkets are now 4.7p a litre cheaper than the UK average.

Asda was selling the cheapest petrol at 119.70p – 1.77p lower than its nearest rival Tesco. It was also the cheapest on diesel with a litre 1.68p cheaper than Tesco.

RAC fuel spokesman Simon Williams said: “Due to savings in the wholesale price of both fuels Asda led a round of supermarket fuel cuts in late November which the other three major retailers followed.

“Despite this knocking off about a penny and half from the average price of fuel charged at the four big supermarkets, the UK average only reduced very slightly. This implies that other retailers haven’t followed the supermarkets lead and are not passing on savings in the wholesale price. This is bad news for drivers as it means they are losing out every time they fill up.

“As for what’s likely to happen with fuel prices going into next year, much will depend on the outcome of OPEC’s (Organization of the Petroleum Exporting Countries) meetings on Thursday and Friday. As it stands the organisation’s deal with Russia and other non-OPEC countries to cut supply by 1.2m barrels a day runs out at the end of March.

“With Brent crude trading consistently around the $60 mark the chances are the current agreement will be extended to the middle of next year when OPEC meets again. But there are concerns about weakened demand, with the ongoing trade dispute between the US and China still not resolved coupled with the US still producing strongly due to the continued contribution of its fracking rigs.”

 

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