Motorists may anticipate gasoline prices to decrease further this weekend, providing some respite from the looming cost-of-living catastrophe.
According to the Automobile Association, a litre might go below £1.75, saving roughly £10 when filling a tank.
Prices have already begun to plummet, with many pumps sitting around £1.75 in the middle of this week.
‘Lower pump prices are easing the weight off family finances at the moment,’ said Luke Bosdet, AA fuel price spokesperson. ‘That advantage should ultimately double to at least 30p a litre off the highest price of petrol in July.
‘However, rises in domestic energy costs are anticipated to outweigh such savings as winter approaches.
‘That is why the UK needs the gasoline industry to pass on savings as soon as possible.’
The 20p-a-litre drop in diesel wholesale pricing should also contribute to decrease transportation costs, which should help to slow inflation in goods and services.’
Fuel prices have contributed to the UK’s present cost-of-living dilemma.
When combined with skyrocketing petrol prices, it has created a perfect storm draining money from people’s purses.
At its worst, motorists had to pay £2 a litre to fill up their vehicles, which frequently amounted to more than £100 per tank.
Last month, supermarket giant Asda threatened to launch a fuel price war by lowering petrol and diesel prices.
At 323 Asda-owned forecourts throughout the UK, motorists will now pay an average of £1.74 for a litre of unleaded and £1.85 for diesel.
At the moment, motorists and industry organisations such as the AA and RAC are hoping that the decision to reduce prices by 5p and 3p per litre, respectively, would reduce expenses at the pump elsewhere.
Following Russia’s invasion of Ukraine, gasoline prices have risen to successive record highs, with drivers warned to expect agony at the pump.
Since the record highs in July, major supermarket brands and suppliers have faced an irate public for failing to reduce prices in step with declining wholesale gasoline costs.
Soaring gasoline prices are also a setback for families planning summer staycations.
Last month, motorists were hit with dizzying pricing when the average cost of a litre of gasoline surpassed the 191p barrier for the first time.
Consumers, who are already facing an unparalleled cost-of-living problem, have responded with demonstrations that have brought some of Britain’s main roadways to a standstill.
Chancellor Nadhim Zahawi has stated that ‘nothing is off the table’ in the face of repeated requests for fuel price cuts after his predecessor Rishi Sunak imposed a 5p-per-litre drop in March.