Fuel prices in UK remain at three-year low
Fuel prices in the UK remain at a three-year low, according to the latest data from RAC Fuel Watch.
It found the average price of petrol is now 135.2p, just a third of a pence higher than in September, while diesel prices rose two thirds of a pence to 140.2p.
However, this means UK diesel prices have now been the highest in Europe for 21 of the last 27 weeks.
Meanwhile, in Northern Ireland petrol prices average 130.4p and diesel averages 134.1p – 5p and 6p less than the UK averages.
RAC head of policy Simon Williams said: “Prices at the pumps have remained stable at a three-year low. This is yet more good news for drivers following the Chancellor’s extension of the 5p duty cut at her first Budget last week. But it’s also worth remembering that even now 55% of the total price of a litre of fuel is tax in the form of fuel duty, and the VAT that is charged on top.
“With prices still at least 5p a litre cheaper in Northern Ireland than the UK average, it was also positive to see at the Budget that the government aims to allow the Competition and Markets Authority to use its statutory powers to monitor competition in the road fuels retail market in just two months’ time.
