UK petrol price: Motorists ‘paying £5 more per tank as pound falls’ Get Whole Detail

UK petrol price: Motorists ‘paying £5 more per tank as pound falls’
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The AA calculated that if the pound were stronger, motorists would pay significantly less at the pumps (Image: Getty)

The AA calculated that if the pound were stronger, motorists would pay significantly less at the pumps (Image: Getty)

The massive fall in the value of the pound has left motorists paying an extra £5 per tank of petrol, new analysis suggests.

But the analysis came before yesterday’s mini-budget, which was followed by another huge fall in the value of the pound, taking it to a new 37-year low.

The AA said savings at the pump, as oil prices have fallen back to where they were before the Russian invasion of Ukraine, are being “severely undermined” by the weakened pound.

She estimated that petrol would be “at least” 9 a liter cheaper if the pound had held its mid-February level of $1.35, instead of the $1.14 level seen this week , which was the lowest in the last 37 years. Yesterday afternoon, the pound sterling fell to less than $1.10.

The previous pump price difference added around £4.95 to the cost of filling up a typical 55-litre family car, the motoring body said.

Petrol prices averaged 164.8p a liter at the start of the week – down from 173.5p in mid-August.

That 8.7p drop is less dramatic than the 15p cut between mid-July and mid-August.

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However, the comparatively lower cost sparked a bizarre reaction from the Brazilian president during his visit to the UK for the Queen’s funeral.

Jair Bolsonaro filmed a video of the price in a London yard and compared it contemptuously to the cost in Brazil.

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Meanwhile, the average price of diesel fell by 12.5p between mid-July and mid-August, before falling a further 3p to 181.3p earlier in the week.

AA fuel price spokesman Luke Bosdet said: “The influence of the exchange rate is often overlooked when motorists compare petrol price movements with those at the pump.

“Right now, it’s critical. Oil and fuel in commodity markets are traded in dollars, making the weaker pound very bad news for motorists.

“The price of oil has returned to the level of the beginning of the war in Ukraine, but gasoline is 15 per liter more expensive.

“Two-thirds of this higher cost is due to the weakness of the pound.”

The pound has been weak against the dollar for months, largely due to the increased strength of the US currency – but the pound has also fallen against other currencies.

Mr Bosdet added that it was possible to buy petrol for around 10 per liter below average prices by finding a “competitive side”.

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