Petrol and diesel prices

UK petrol and diesel prices: sky high prices forcing drivers off the road

Rising petrol and diesel prices are making motorists drive less and cut back on spending elsewhere Petrol and diesel prices, which are at their highest point since December 2014, are forcing motorists to cut back on their expenditure and drive less, according to new research. A poll of over 17,000 motorists found rising fuel prices had forced 15 per cent of people to drive less and nine per cent to cut back on spending in other areas, while 14 per cent had done both. This means 38 per cent of those surveyed had made some sort of sacrifice as a result of the rising cost of fuel. That means the cost of filling an average family car with petrol now stands at £67.23, while diesel drivers will pay £68.77. Those prices reflect respective increases of £4.35 and £5.51 per tank compared to July 2017. The analysis was carried out the RAC, whose fuel spokesman, Simon Williams, said there was a “glimmer of hope” prices could come down in February “as our current two-week forecast shows reductions of a penny for petrol and two pence for diesel.” “The price of oil went through the $70 a barrel mark in January for the first time in more than three years”, Williams explained, adding that because sterling has strengthened against the dollar, wholesale fuel has actually become cheaper, as it’s traded in dollars. These savings, Williams said, should be passed on to motorists by retailers, who are “generally loath to pass on wholesale savings when they consider them to be marginal.” Investment bank Goldman Sachs, meanwhile, recently predicted oil would reach $82.50 a barrel within six months.

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