July 23 2014 Latest news:
Friday, July 18, 2014
The price of petrol at the pumps has fallen as Middle East oil supply concerns diminish, AA figures have show.
Average UK petrol prices are now at 131.60p a litre - down from 131.70p a week ago, but still above the 130.47p a litre average a month ago.
Diesel forecourt prices have also fallen, from 136.37p last week to a mid-July average of 136.08p. A month ago, they were 135.70p.
In north Norfolk, petrol prices are slightly less than average at 131.4p a litre in the Cromer area. For diesel it is also slightly less than average at 136.4p a litre.
In Norwich the price of petrol is 130.3p per litre – also below the national average. With diesel also lower at 134.6p per litre.
But in the west of the region, in Swaffham, the average cost of petrol at the pump is 132.2p per litre, with diesel at 138.6p per litre - both higher than the national average.
The AA said: “UK average diesel pump prices, as reported last month, remain overblown. On paper, the wholesale price of diesel has been at or below the wholesale price of petrol since the beginning of July.
“Yet, diesel remains 4.5p more expensive at the pump - only slightly down from 5.25p in mid June.”
AA president Edmund King added that the European Commission was pushing for greater openness in the pricing of fuel and even regulation to make it happen.
He said: “After five years of surging pump prices, many UK drivers may actually welcome this bit of EU ‘nannying’ as a way to get a fair price at the pump.
“Despite the scaremongering on pump price rises earlier this summer, the increase was muted compared to what UK drivers have experienced since 2008.
“That doesn’t mean that commodity market speculation, Middle East oil crises, hurricanes in the Caribbean and other pressures have gone away for good but the fuel price climate has been settled for the moment by slack fuel demand, over-supply and a stronger pound.”