Petrol Prices Plunge this October

Man at a petrol pump

Petrol prices could tumble by up to 4p a litre during October, the motoring organisation RAC have predicted.

The lowest priced pump in Kingston has already dropped by 2p this month, although the average remains at 131.3p a litre according to

Local taxi drivers will be among those who welcome these new reductions after the costs of the past six years. Dominguez Pierra a Kingston taxi driver said: “It’s about time.”

Kingston, which already enjoys average petrol prices 1p cheaper than UK average, may find prices lower than the predicted 129p averages.

RAC warns that these reductions will only happen if the petrol retailers pass on the savings to the petrol pump, noting that the UK average prices are already at its lowest point since the beginning of December 2012.

Pete Williams, the motoring organisation head of external affairs, said: “Fuel retailers have clearly demonstrated the transparency of their operations by cutting more off a litre of fuel than many people will be able to remember. As well as saving people hard-earned cash at the pumps, this level of transparency has no doubt created a lot of goodwill with their customers.”

During September the pound was a seven-month high against the dollar, which makes the dollar-dominated oil cheaper in the UK.

Besides the price of oil itself other factors that affect petrol pump prices are geographical competition, which is why rural areas suffer higher petrol prices than places like Kingston. The RAC are confident that these new prices lows will induce further competition in the market to the benefit of UK drivers.

Photo courtesy of Rex/Westend61

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