Pump prices slashed23 Mar 2020

Cost of fuel finally follows oil down

The cost of filling up with fuel has fallen sharply finally mirroring a collapse in oil prices.

The supermarket chains Morrisons and Asda have cut the price of a litre of petrol by 12p and diesel by 8p.

The move comes as a barrel of Brent crude trades for around $26. A month ago it was nearly $60 a barrel.

Wholesale prices of petrol and diesel have fell correspondingly.

Steve Gooding, director of the RAC Foundation, said:

“Wholesale prices of petrol and diesel have been in almost free fall over the past month as the global demand for oil has slumped and it will be a relief for all drivers, especially key workers, that retailers are finally adjusting their prices too.

“With many people suddenly finding themselves in economic hardship anything that eases household budgets must be welcome though the irony is that because so many of us are in virtual lockdown traffic volumes are a fraction of what they were just a few weeks ago.”

ENDS

Contact:

Philip Gomm – Head of External Communications – RAC Foundation

philip.gomm@racfoundation.org | 020 7747 3445 | 07711 776448 | 020 7389 0601 (ISDN)

Notes to editors:

The RAC Foundation is a transport policy and research organisation that explores the economic, mobility, safety and environmental issues relating to roads and their users.

The Foundation publishes independent and authoritative research with which it promotes informed debate and advocates policy in the interest of the responsible motorist. All the Foundation’s work is available at: www.racfoundation.org