Are Fuel Prices Going To Decrease Anymore?

The RAC monitors fuel prices to make sure retailers are charging drivers a fair price.

Why have the prices changed overtime?

In 2022, fuel prices reached record high, with the average price of diesel reaching 199.05p per litre and petrol at 191.53p per litre. The reason behind the increase was the Russian invasion into Ukraine. This event increased the price of oil above £100 a barrel due to the exchange rate increasing. As the cost of living increase, the price of goods and services also rise.

Is it worth switching to electric?

Although the retail price of an EV is higher, the day-to-day cost of driving should be lower. Charging an EV can cost between £700 – £1000 a year, whereas the average cost for petrol or diesel is around £1450 a year. However, due to the cost of electricity rising these prices may increase.

Will prices of fuel continue to fall?

At the end of March 2023 the price of petrol had dropped to 146.50p per litre, followed by the price of diesel at 162.94p per litre. However, diesel prices are set to drop further but this will only come in to play when long term rises drop.

What can be done to reduce fuel bills?

When shopping around for fuel, make sure you don’t just choose to go to your local supermarket. There is now an app available, Petrol Prices, which allows you to shop around for the cheapest fuel in your regional area. Furthermore, driving more economically will be beneficial. Accelerate slowly, keep more distance between your vehicle and the vehicle in front and start making shorter journeys where possible. This may not be noticeable straight away but over time it will make a difference.

Benefits of having a service plan –

The UK’s rapid charger network grew by nearly 80% in 2022 –

With over 16,000 approved garages, a 24/7 service and a host of cost-saving offers, Autoserve can keep your car running smoothly. Call one of our professional Service Advisors on 0121 521 3500 for more details.  After all one call does it all!

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