According to the latest RAC Fuel Watch data, fuel prices are likely to fall by as much as 5p per litre over the next two weeks. This is a direct result of the latest government lockdown and the second one in the UK during 2020.
Wholesale prices plummeted to just over 82p during October due to falling oil prices caused by less demand. It’s a saving that should be passed on to the motorists via the pumps.
During the month of October, the prices on the forecourts remained the same. However ASDA cut their fuel prices on Thursday the 5th of November. Customers can now enjoy a 2p per litre saving on petrol and 3p per litre on diesel. Other retailers are likely to follow suit. So we can expect to see savings all across the UK’s forecourts over the coming days.
Cheaper Fuel in November
Due to the latest coronavirus lockdown, less people will be using the UK’s roads and so we can expect to see the price of fuel fall again as it did earlier in the year. Back in March we saw prices drop to under £1 per litre. This lockdown isn’t thought to last as long as the one in March though, so it’s unlikely that we will see savings as big as we did back then. Also, as the latest lockdown restrictions aren’t as tight as they were in March, the roads aren’t expected to be as quiet. Despite this, anyone who is filling up towards the end of the month should notice the difference at the pumps.
The whole situation is a little ironic. The way to get cheaper fuel prices is to get cheaper oil. However, the main reason that the current oil price is low is because many motorists aren’t using their cars!s