Plunging petrol costs reach four-year minimal as bank holiday vacation surge approaches.
Revised Article:
Hey there! Buckle up, folks, because petrol prices have dipped to a nearly four-year low, just in time for the 17 million drivers expected to hit the road over the long weekend. But hold up, because motorists are being warned to avoid fueling up at motorway service stations if they want to keep those savings in their pockets.
Why? Because, despite the falling prices, motorway service stations continue to charge sky-high prices for petrol and diesel. By filling up at these crowded service stations, you could end up paying around an extra £16 compared to visiting a nearby supermarket or local fuel retailer just a few miles away.
The RAC, known for their insightful analysis, broke down the numbers and found the average UK-wide price of a litre of unleaded at forecourts on Thursday was a relatively cheap 134.06p. This price drop marks the lowest since July 2021 when it was 133.9p.
However, the RAC deemed it unfortunate that the price drop hasn’t been steeper, considering the cuts to oil prices. They estimate that retailers should pass on the lower wholesale costs and bring the price of a litre of unleaded down to around 130p and diesel down to 136p.
Simon Williams, the RAC’s head of policy, commented: "Drivers will be relieved to know that petrol is at its cheapest point in four years. During that time, we've had the agony of record prices with petrol averaging 191.5p (and diesel almost £2 a litre) so some better news at the pumps is very welcome."
So, next time you're on the road during the bank holiday, remember to consider the cheaper alternatives before filling up at motorway service stations. Keep your wallet happy and enjoy the lowered prices!
Insight: Motorway service stations often charge higher prices due to limited competition, convenience, and operational costs. However, recent studies show that 77% of drivers consider these prices "unacceptable." Despite this, the Competition and Markets Authority (CMA) has yet to take meaningful action against potential overcharging.
- Motorists are advised to bypass motorway service stations, as they may pay up to £16 more for fuel, despite lower petrol prices.
- Over the long weekend, 17 million drivers are expected to take advantage of the average UK-wide petrol price at forecourts, which is 134.06p per liter.
- Simon Williams, the RAC's head of policy, suggests that motorists should explore cheaper alternatives to motorway service stations to maximize their savings.
- Interestingly, despite 77% of drivers finding motorway service station prices "unacceptable," the Competition and Markets Authority has shown limited action against potential overcharging.
