Diesel Prices
Business News

Diesel Prices Fall but RAC Urges Further Reductions: Fuel Market Analysis

1 Mins read

Photo was created by Webthat using MidJourney

Record Drop: Diesel Prices Fall by 12p per Litre in the UK


According to the RAC, diesel prices in the UK experienced the largest monthly drop since 2000, falling by 12p on average. This decrease resulted in a £6.50 reduction in the cost of filling up a family car.

Long Overdue and Insufficient: RAC’s Assessment of Diesel Price Reduction

The RAC argues that the drop in diesel prices, while significant, should have been more substantial considering lower wholesale prices. The motoring group highlights that prices in Northern Ireland were significantly lower, suggesting that further reductions were possible.

Wholesale Response: Supermarkets Make “Big Cuts” to Diesel Prices

The British Retail Consortium confirms that supermarkets responded to falling wholesale costs by implementing substantial cuts to diesel prices. This move aligns with the ongoing decrease in fuel prices, which have fallen for seven consecutive months.

Petrol Prices Decline: Steady Drop Reflects Market Trends

Petrol prices have also been steadily declining since last year, with the average price dropping from £1.46 to £1.43 per litre in the previous month. The RAC notes that changes in wholesale market dynamics should have resulted in a more pronounced price decrease.

CMA Investigates Fuel Pricing and Potential Overcharging

The Competition and Markets Authority (CMA) is investigating fuel prices amid concerns of potential overcharging. The CMA focuses on the higher margins observed in diesel prices and the impact of competitors following suit, potentially leading to increased prices.

Continued Price Volatility and Forecourt Recommendations

The fuel market is under ongoing review, initially prompted by concerns of retailers not passing on a 5p fuel duty cut to motorists. The Petrol Retailers Association advises drivers to shop around, highlighting the dynamic nature of the market and the potential for independent forecourts to offer competitive prices.

CLICK HERE TO READ MORE ON WEBTHAT NEWS


Related posts
Business News

BYD $2.2 Billion Acquisition of Jabil's Mobile Parts Business in China

3 Mins read
Business News

Goldman Sachs Sells Personal Financial Management Unit

3 Mins read
Business News

Trinity Group Realty and Blok Unite for a Future in Real Estate

3 Mins read
Connect and Engage

Stay in the loop and engage with us through our newsletter. Get the latest updates, insights, and exclusive content delivered straight to your inbox.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

×
Business News

Community Unites to Support Local Business Owner Battling Rare Cancer