PETROL prices will remain high as the cost of living worsens, experts warn.
Prices are roughly 27% higher than they were this time last year.
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Petrol fell by around 19p per litre last month after a record high in July of 191p per litre.
But a previous AA Fuel Price report said prices need to drop to at least 160p per litre in order to properly save.
Experts say significant fuel cuts are not likely to happen any time soon.
As the global demand for oil continues, it’s possible costs could rise even further – perhaps close to July prices once more.
The AA told The Express: “From the worsening exchange rate and continued market uncertainty, it’s unlikely that prices will drop by significant levels, or return to similar rates as last year, until oil producers can compensate for the loss of Russian oil by increasing supplies.
“However, there is hope that prices will continue to fall by as much as 15p per litre as rising interest rates and the threat of global recession creates a decline in demand, which should, in turn, enable the oil supply to stabilise.”
Even so, about 16% of drivers aged 25-34 are relying on loans, credit cards and family help to afford fuel right now, according to a recent AA survey.
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Ashley Johnson, Sales Manager of Parkland Motors, also said: “With the current cost of living crisis deepening, there has been continued criticism from motorists that fuel prices have not fallen fast enough, nor are they in line with wholesale price drops.
“Increasingly, that criticism has extended to the UK Government, after the UK became one of the most expensive places on the continent to fill up, as more and more countries have done more to ease the burden of high petrol prices.”
UK petrol prices largely vary across the country and even within regions, but the AA’s most recent fuel price report states the highest price for unleaded is at 175.2 p/litre, while the lowest is at 168.8 p/litre.
For diesel, the highest is 185.7 p/litre and the lowest is 179.1 p/litre.
How can I cut down on fuel?
Worry not – there are plenty of ways to cut your petrol costs through little-known hacks.
For starters, you can drive more efficiently. This can mean:
- Accelerate gradually without over-revving
- Always drive on the highest possible gear
- If you can, allow your car to slow down naturally as your brake is a money burner
- Re-starting your car is expensive, so keep that in mind
There are also sites you can use to help you find the cheapest petrol prices near you, like PetrolPrices.com and Confused.com.
These allow you to search prices of UK petrol stations. All you need to do is enter in your postcode and tell it how far you want to travel (up to 20 miles).
It’s also so easy to forget about the clutter building up in your car – whether it’s tools, kids’ toys or general rubbish. But it turns out additional storage space can increase fuel costs by a whopping 12%.
So, don’t forget to do a car clear out every now and then.
And, if you’re driving at a slower speed, think about taking the roof rack off and switching off air con to save on running costs.
