Woolwich resident says petrol prices are 'astronomical'
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Drivers were put on high alert after new analysis shows that petrol or diesel motorists may see enormous price increases soon. If the pound reaches parity with the US dollar, car owners could be forced to pay around £3 more to fill up a tank of petrol and diesel.
If the pound continues to slump to $1 for the first time since 1971, the price per litre of oil for retailers would rise to around 68p, according to the i.
This is likely to lead to the 4.5p difference – including VAT and profit margin – to be slapped on directly to drivers.
This would equate to an average 50-litre tank of petrol costing around an additional £3 to fill up as the pump price rises to around £1.70 per litre.
The latest data from the RAC Foundation shows that both petrol and diesel prices are continuing to fall.
Drivers looking for petrol will pay an average price of 163.73p per litre, while diesel remains more expensive at 180.53p per litre.
Since the record-breaking costs seen in July, petrol prices have fallen steadily almost 30p.
However, diesel drivers have not been as lucky, with average prices just 18.5p cheaper compared to the start of July.
Alex Kindred, car insurance expert at confused.com, commented on the news, saying that drivers are being hammered with fuel prices amid the cost of living crisis.
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He said: “The rising costs of living and the plunge in the value of the pound are affecting all areas of life, but motoring costs have been at the forefront for quite some time.
“Our latest research shows that more than two in five (46 percent) drivers think that the recent rise in fuel costs is unjustified.
“With this in mind, drivers may be put off from using their vehicles for their general day-to-day.
“However, there are still some ways to save money when it comes to fuel consumption.
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“All you need to do is pop a postcode in and search for fuel stations closest to you.
“Journey planning will help you to find the most affordable prices in your area, meaning you don’t need to pay over the odds during an already difficult time.”
Mr Kindred suggested that drivers could help themselves to boost their fuel economy using some simple techniques.
He suggesting remove excess weight from the vehicle, ensuring tyres are inflated to the correct pressure and avoiding idling.
Simon Williams, the RAC’s fuel spokesperson, said the falling pound is “bad news” for drivers at the pumps.
In March, then-Chancellor Rishi Sunak attempted to help drivers with a 5p fuel duty cut after a spike in costs in response to Vladimir Putin’s invasion of Ukraine.
Many drivers were frustrated with the fuel duty cut, saying that most retailers had failed to pass on the savings.
Luke Bosdet, the AA’s spokesperson on fuel prices, echoed Mr William’s views, saying petrol and diesel prices would remain high due to the falling value of the pound.
He added: “Petrol at the start of this week remains 14p a litre more expensive than just before the start of the Ukraine war.
“That is despite oil falling back to the $90 (£84) a barrel level that it was back in February.”
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