Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Petrol prices fall from record highs for first time in months

Petrol prices fall from record highs for first time in months

Falling wholesale costs could lead to savings of £10 off a tank within a fortnight, the AA said
Motorists can expect reductions of about £1.50 a tank after fuel prices dropped from record highs seen in recent months.

According to the AA motoring group, average pump prices for petrol have fallen since the start of the month, when prices were 191.53p a litre for petrol and 199.07p a litre for diesel.

They are now down to 188.76p for petrol and 196.96p for diesel, a dip attributable to an overall drop in the price of oil.

Falling wholesale costs could lead to savings of £10 off a tank within a fortnight, according to the AA’s fuel price spokesperson, Luke Bosdet. “Wholesale petrol’s trajectory, if sustained, would lead to savings of a tenner off a tank from the record highs, providing the fuel trade is prepared to pass them on,” he said.

Bosdet warned, however, that it’s not all good news: “The problem is that, in many places, the price cuts are quite simply not happening despite more than six weeks of falling costs.”

Question marks have been raised about fuel pricing, specifically about the margins made by refineries.

This concern prompted the business secretary, Kwasi Kwarteng, last month to commission the UK’s competition watchdog to undertake a review of the fuel sector.

That Competition and Markets Authority (CMA) review found “cause for concern in the growing gap between the price of crude oil when it enters refineries, and the wholesale price when it leaves refineries as petrol or diesel”. An in-depth investigation is now set to take place.

Wholesale petrol prices peaked at above £1 a litre at the start of June, but dropped to below 80p a litre for much of last week.

The huge price increase in recent months has been driven by the war in Ukraine, the fallout of which led the Russian company Gazprom to tell its European customers on Monday it could not guarantee gas supplies.

An independent energy analyst has warned that, despite the latest drop, prices are likely to remain high as the war shows no sign of abating.

“It’s difficult to see how crude does anything but go up, while the war rages, and that’s not good news in the medium term for petrol prices,” said David Cox.

This landscape has not been helped by news on Monday that efforts – led by US president Joe Biden – to get Saudi Arabia to increase its oil supply have proven futile. Oil prices have since risen.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Zelenskyy Seeks Ceasefire as Putin Proposes Direct Talks in Turkiye
Arsenal Stages Comeback to Draw 2-2 Against Liverpool in Premier League Clash
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
India-Pakistan conflict may be first test for Chinese military tech
Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
Historic Papal Conclave Set to Commence in Rome
“Trump Supporter” Aims to Bring a MAGA-Style Shift to Romania
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
EU Hits TikTok with €530 Million Fine Over China Data Transfers
Beijing Says U.S. Is ‘Reaching Out’ for Tariff Talks Amid Soaring Trade Tensions
Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Germany's Alternative für Deutschland (AfD) party has now been officially labeled “right-wing extremist” by the federal office for the so-called “protection of the constitution.”
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Transformative Changes in Women's Wrestling: The Rise of WWE Superstars
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
This is a day in Spain without electricity and internet
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
U.S. Economy Shrink in Trump’s First Quarter as Tariff Policy Raises Questions
U.S. and Ukraine Poised to Sign Strategic Critical Minerals Deal Amid Geopolitical Shifts
Spain Restores Power After Unprecedented Nationwide Blackout
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
How do you fix this culture?
Corrupted from Within: How Deep State Power and Unelected Judges Hijacked Democracy Against the Will of the People
President Trump and Ukrainian President Zelensky just held an impromptu discussion on the sidelines of Pope Francis' funeral in Rome.
World Leaders Gather in Rome for Pope Francis's Funeral
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Peter Navarro: The Man Behind Trump’s Tariff Madness
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Pope Francis: head of the Catholic church who pushed for social and economic justice
China do not pay these tariffs - you pay it. This is new 145% tax you pay to the US government.
Cultural Battles in the Vatican: The Candidates in the Battle for the Holy See and Pope Francis's Testament
Global Leaders Pay Tribute to Pope Francis Following His Death
Wild Chimpanzees Observed Bonding Over Alcoholic Fruit
Greek Christians Celebrate Easter in Thessaloníki
US Federal Reserve Chair Issues Warning on Tariff Impact
China, China, China!
Pope Francis Makes Brief Appearance at Easter Sunday Mass
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
Trump is assembling a coalition of Western leaders aligned with the MAGA vision, strengthening a unified front for global change
IMF Predicts No Global Recession Amid Trade Tensions
Alphabet Faces Antitrust Setbacks as Federal Judges Rule Against Google
US Billionaires Call for Higher Taxes, but Proposed 'Millionaires Tax' May Not Achieve Desired Outcome
This is Vienna, Austria in 2025.
Designed in US, made in China: Why Apple is stuck in tariff tussle
Boeing Jet Returns to US from China Amid Tariff War
US Sets Deadline for Russia-Ukraine Peace Deal Brokerage
×