When will petrol prices come down in the UK?
15 June 2022, 14:32 | Updated: 18 July 2022, 12:28
The cost of petrol and diesel reached an all-time high in the UK in July 2022 but prices are beginning to slow down - so what does the future look like for prices?
Drivers recently found the cost of filling up a family car was costing more than a £100 for the first time as experts described it as a 'dark day' for vehicle owners.
And with the cost of fuel not slowing down anytime soon, many are wondering why the cost of living, particularly relating to petrol, is getting so expensive.
Average prices of petrol are currently above 183p per litre with diesel around 193p, meaning the government's gesture of a 5p fuel duty cut has long gone.
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So will petrol prices be coming down anytime soon in the UK? And why is fuel so expensive right now? Here are some important details:
When will petrol prices come down in the UK?
The forecast doesn't predict any significant falls in petrol prices just yet as the war in Ukraine continues and the demand for fuel increased.
However, drivers have recently witnessed prices beginning to come down following an expert prediction that a plateau should be on its way.
AA’s fuel price spokesperson, Luke Bosdet, said: “Petrol price rises should be grinding to a halt, at least temporarily, by the end of the week.
"If they continue to go up substantially afterwards, we will be intrigued to hear what excuses the fuel trade has this time.”
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Why are petrol prices rising again in the UK?
There are a number of reasons the cost of fuel is so high at the moment, including the Ukraine and Russia war and the Covid-19 pandemic.
The war has seen many sanctions imposed on Russia, a leading trader of oil in Europe, for their actions meaning other fuel companies are seeing a huge demand in their product, causing prices to soar.
The UK is said to only import 6% of its crude oil from Russia, but the overall effect of supplies globally would still see the worldwide wholesale price increase.
In terms of coronavirus, demand was so low over lockdown that prices did decrease. However, as the world got back up and running, and demand increased, fuel suppliers have since struggled to keep up with demand.
