You are here: Home - Household Bills - News -

Pump prices fall 21p in a year

0
Written by:
25/06/2020
Petrol and diesel prices are both 21p per litre cheaper now than prices recorded in June 2019, official statistics reveal.

In mid-June 2020, unleaded petrol was on average 106.4p per litre, 21.3p per litre (17%) lower than this time last year. It’s also 25% cheaper than record high prices reached in April 2012.

Meanwhile, diesel was on average 112.5p per litre, 20.9p per litre (16%) lower than a year earlier and 24% below the 2012 peak, according to the statistics from the Department for Business, Energy and Industrial Strategy (BEIS).

It added that in May 2020, average UK petrol prices, including taxes, were the fifth lowest in the EU15. However, diesel prices were the second highest of the EU15 countries.

Turning to energy, BEIS said in Q1 2020, temperatures were slightly warmer than last year and demand for domestic gas increased 4.4%. This, it said, could have been due to the impact of the Covid-19 pandemic as people began working from home more and the lockdown measures took hold from 23 March.

Gas prices, including VAT, fell by 1.9% in real terms between Q1 2019 and Q1 2020. However, electricity prices were 6.8% higher in real terms than in Q1 2019.

BEIS revealed that energy switching increased 5% – the equivalent of 1.4 million electricity customers – while 5.1% of gas customers (1.2 million) switched supplier in the three months to March 2020.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week