Local drivers in Newtown benefited from a significant drop in petrol prices last month, as data released by the RAC reveals.
The average fuel price at UK forecourts decreased by 6p per litre from December 1 to December 31, marking the second consecutive monthly reduction.
According to the RAC, the average cost of petrol across the country fell from 146.7p to 140.6p, reaching a level last observed in early February 2022, before the surge in oil prices following Russia's invasion of Ukraine.
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Even though the price of diesel experienced a similar downward trend across the UK, Newtown residents have witnessed fuel prices remaining relatively stable around the 147p mark. In Newtown, prices are currently:
Morrisons
Petrol: 146.7p
Diesel: 153.7p
Updated 16/05/2024 10:30:13
Tesco
Petrol: 147.9p
Diesel: 153.9p
Updated 16/05/2024 11:18:56
BP
Petrol: 147.9p
Diesel: 154.9p
Updated 16/05/2024 10:55:02
However, the RAC has called for further reductions in pump prices, highlighting that supermarket margins on fuel increased significantly. Last month, the average supermarket margin stood at 13p per litre, more than double the figure recorded in 2021. These findings suggest that there is room for petrol prices to decrease further in Newtown, aligning with the lowered wholesale oil costs.
RAC fuel spokesman Simon Williams said:
“It’s clearly good news that both petrol and diesel came down substantially in December.
“While we’re starting the year paying much less at the pumps than we have done, it’s still galling to know that drivers aren’t being charged a fair price in comparison to Northern Ireland where the very same petrol and diesel is at least 5p a litre cheaper.
“It’s surely impossible to argue that competition is working properly if prices are so vastly different in two parts of the UK.
“We continue to call on the biggest retailers to play fair with drivers and lower their prices to match what’s being charged in Northern Ireland.
“We also urge Energy Security Secretary Claire Coutinho, who is on a mission to bring greater transparency to fuel pricing following the Competition and Markets Authority’s investigation concluding drivers were overcharged to the tune of £900 million in 2022, to ask the supermarkets why they won’t charge similar prices to the averages seen across Northern Ireland.”
A Department for Energy Security and Net Zero spokesperson said:
“The drop in petrol prices in the run-up to Christmas was good news for many hardworking families driving hundreds of miles across the country.
“We want fuel prices to stay down for 2024 and beyond. That is why the Government is giving the competition watchdog tough new powers to oversee the market and make sure retailers pass on savings.
“This stance is working, and we will continue progressing plans for fuel retailers to share up-to-date price information that will help customers to easily shop around for deals.”
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