Prices at the pumps decreased slightly during the past month. That is according to the latest fuel price survey from AA.
Declining oil prices on world markets and the strength of the Euro against the US dollar are said to be contributing factors to the drop in fuel prices.
The AA points out that while oil prices tend to grab people’s attention they are not as big a factor as local taxes in the price that drivers pay. Through a combination of excise duties including carbon tax and VAT, it says over 57% of the price of both diesel and petrol is tax.
AA president Edmund King said: “Last April, UK petrol consumption fell. In October, it did the same.
“And in February, the UK sold the lowest volume of petrol in 23 years of recording.
“In the past 12 months, oil and fuel price speculation has swung back and forth through the fuel market like a wrecking ball, smashing family budgets, rocking the foundations of fuel retailer and business viability.”
He continued: “The last 12 months have shown pump price volatility is more acute than ever, driven largely by speculation.”
“At least, though, the current prices are going in the right direction – giving drivers a breath of optimistic spring air.”
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Visit www.forecourtfuelcards.co.uk for more information.