July 2nd 2024.
Attention all drivers in the UK! If you plan on travelling through junction two of the M25 in Kent, near the Dartford crossing, make sure to fill up your tanks sooner rather than later. Why, you may ask? Well, after a 10-week drop in prices, it seems that the dip has come to an end and prices are starting to stabilize.
Last week, motorists were encouraged to make a trip to the nearest petrol station as the price of a liter of petrol had decreased. However, this decrease was short-lived and the average price has gone from 150.1p on April 24 to 144.5p at the end of last week, according to the AA. Similarly, the price of diesel also dropped from 158.3p to 149.6p during this time.
There was a glimmer of hope that petrol prices would fall even lower than the pre-Covid record high of 142.5p per liter that was reached on April 12, 2012, only for the second time since Russia's invasion of Ukraine in February 2022. Unfortunately, the AA informs us that this is unlikely to happen in the near future due to the increase in the price of a barrel of oil in the US. From early June to the past two weeks, the cost has risen from $80 USD to over $85 USD.
Luke Bosdet, the AA's fuel price spokesperson, expressed his concerns, saying, "The question now is whether the UK's average petrol price will follow last year's pattern of sharp increases as we head into summer." He added, "It would be a disappointment for those planning a summer getaway if the cost of road travel starts to rise again. So, it's advisable to take advantage of the current lower prices and fill up sooner rather than later."
Did you know that Asda is the most expensive supermarket in the UK to buy petrol from? This was revealed in a study released in January by the RAC. It's interesting to note that for many years, Asda prided itself on selling the cheapest fuel and was often the first supermarket to reduce pump prices. However, ever since the supermarket chain was acquired by the billionaire Issa brothers and private equity firm TDR Capital in 2021, prices have been slowly creeping up.
In fact, a recent study by the RAC found that by the end of May, a liter of petrol at Asda costs an average of 2.1p more than at its competitors, Tesco, Morrisons, and Sainsbury's. Our colleague Tom Sanders has written a detailed report on this, which you can find here. So, next time you're planning a trip, keep these tips in mind and make sure to fill up your tank sooner rather than later!
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