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News Item

Could cost of diesel fall to £1 per litre

May 10, 2020

Could cost of diesel fall to £1 per litre

The average price of diesel fell nearly 3 pence last month. Also show that the average price of petrol fell by 4.15p in April. Ironically, the impact of the coronavirus, despite being one of the main factors in why UK fuel prices have dropped, is also the reason why they are not falling any further. The cost of oil collapsed to its lowest level in years last month – down to just $13 a barrel – as a result of demand disappearing in the wake of the coronavirus outbreak. However, while this sent wholesale prices plunging, some of the UK’s largest fuel retailers did not cut forecourt prices. This was in sharp contrast to March which saw the supermarkets announce an unprecedented price chop on a single day. April can therefore be seen very much as a ‘catch-up’ month for other fuel retailers. While supermarket prices were largely static, it was other forecourts finally cutting their prices which led to the average price paid by drivers across the UK falling. 

A significant easing of the coronavirus lockdown restrictions, will possibly see a further 12ppl to come off the prices of both petrol and diesel. If fully reflected at the pumps, this would see unleaded down to an average price of 96ppl and diesel down to 102ppl. However, retailers are only going to reduce prices again if they can be confident of selling fuel in large enough quantities. Nicholas Green, Finance Director predicts only an easing of lockdown restrictions by the UK Government will trigger forecourts into a temporary changing prices significantly. 

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