Motorists in the UK can look forward to cheaper fuel prices during the festive period, with petrol and diesel prices currently at their lowest since the coronavirus pandemic began. Despite a slight increase in prices last month, overall costs at the pump are significantly cheaper compared to a year ago. This will come as a relief for many car owners, especially during the expensive holiday season.
According to the RAC Fuel Watch, drivers can expect to save around £6 on a tank of fuel this year, which is particularly beneficial for those planning long trips to visit loved ones over Christmas. In November, petrol prices rose by 1p to 136.5p per litre and diesel by 1.8p to 142.25p, resulting in a full tank costing £75 for petrol and £78 for diesel. Despite the small increase, both unleaded and diesel are still considerably cheaper compared to the previous year.
Northern Ireland currently has the cheapest fuel prices in the UK, with petrol averaging at 130.6p and diesel at 135.2p – 6p and 7p less than the national average. On the other hand, England saw the most expensive prices with petrol at an average of 136p and diesel at 141.7p. Shopping for the most affordable forecourt brand, such as Asda, Morrisons, Sainsbury’s, or Tesco, can make a difference in saving costs on fuel.
While petrol and diesel prices are on the decline, the cost of charging an electric vehicle using public rapid and ultra-rapid chargers remains high. Drivers who can charge at home during off-peak hours benefit from a lower rate of 7p per kWh, while those using on-street charging points during off-peak times pay 49p per kWh. Rapid charging points cost drivers 79p per kWh, making it important for EV owners to seek out more affordable charging options.
Several factors contribute to the fluctuation of petrol and diesel prices, including global events such as political unrest, the global price of crude oil, supply and demand, refinery production, exchange rates, distribution costs, retailer margins, government fuel duty, and VAT charges. The recent conflict in Ukraine caused a spike in crude oil prices, leading to higher petrol costs. However, current prices are more favourable for consumers, offering savings of around £6 on a tank of fuel compared to the previous year.
