RAC says petrol prices fall to three-year low
Published On Sep 25, 2024, 10:10 AM
Petrol prices in the UK have reached their lowest point in three years, averaging £1.35 per litre. The decline is attributed to lower global oil prices and a strengthening pound. The RAC suggests that prices may decrease further, potentially dropping to as low as £1.26 per litre. This positive trend in price reduction is expected to alleviate financial pressure on consumers. Meanwhile, the Petrol Retailers Association warns of their members' squeezed margins due to increased costs. The situation reflects past market volatility following geopolitical events.
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With petrol prices dropping and the potential for further reductions, consumers may have increased disposable income that could lead to higher spending in other sectors. However, the retail fuel sector may face continued pressure on margins despite lower wholesale prices as competition remains a concern.
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