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Petrol below £1.50 a litre for first time since Russia invaded Ukraine | Petrol below £1.50 a litre for first time since Russia invaded Ukraine |
(32 minutes later) | |
Average petrol prices have fallen below £1.50p for the first time since Russia invaded Ukraine last February, the AA motoring group says. | Average petrol prices have fallen below £1.50p for the first time since Russia invaded Ukraine last February, the AA motoring group says. |
Pump prices hit a record 191.53p a litre in July, as global oil prices surged, but by Monday had fallen back to 149.74p. | |
The AA said it was "a huge relief for drivers" but noted diesel prices were still higher than last year. | |
Diesel currently costs 172.21p a litre compared with 153.05p last February. | |
AA spokesman Luke Bosdet said it now cost about £23 less to fill a typical car (with a 55 litre tank) with petrol than it did in July 2022. | |
However, he said that petrol prices were "still historically way above" what they should be and that the end of a temporary fuel duty cut this March could lead to fresh rises. | However, he said that petrol prices were "still historically way above" what they should be and that the end of a temporary fuel duty cut this March could lead to fresh rises. |
Petrol stations in cities and towns are also charging up to 10p more for fuel than those in rural parts of the UK, he added. | |
The news comes as the RAC motoring group said that the cost of charging an electric car had increased by around 50% in the last eight months due to rising energy prices. | |
Fuel prices began to rise as countries unlocked from the Covid pandemic but surged higher when Russia - a major oil producer - invaded Ukraine, sparking concerns about global supplies. | |
Along with rising food and energy prices, it's pushed inflation - the rate at which prices rise - to a four-decade high, creating a cost-of-living crisis in the UK. |