Petrol prices fall for the fourth consecutive month in November
Petrol prices fell for the fourth month in a row in November, with the average price of a litre of unleaded now 3.3p less than at the beginning of August.
The average price for unleaded fell 0.48p to 125.93p, with diesel showing a similar drop in price from 130.27p to 129.83p, according to the RAC’s fuel watch.
Read more: Oil price growth stagnates on China trade worries after two month high
Diesel has fallen for three of the last fourth months, with a slight increase in September the only outlier. Total reduction for diesel is now 2.21p, falling from 132.04p.
The average cost of filling a 55-litre car with unleaded is now £1.82 cheaper a tank than in August, with the diesel equivalent £1.21 less.
Supermarket prices have also fallen, with both fuels now 4.7p cheaper per litre than the UK average. The mean price for unleaded was 121.2p, down 1.74p in the month, whilst diesel was down 1.41p to 125.15.
By the end of November Asda was selling the cheapest fuel, with petrol and diesel 1.77p and 1.68p cheaper respectively than nearest rival Tesco.
Simon Williams, the RAC’s fuel spokesman, commented: “Due to savings in the wholesale price of both fuels Asda led a round of supermarket fuel cuts in late November which the other three major retailers followed.
“Despite this knocking off about a penny and half from the average price of fuel charged at the four big supermarkets, the UK average only reduced very slightly. This is bad news for drivers as it means they are losing out every time they fill up.
“Normally, the supermarkets are about 3p a litre cheaper than other retailers so seeing this go out to 4.7p is definitely a sign something’s different.”
Williams added that the meeting of oil production cartel Opec in Vienna on Thursday will be crucial for what happens to prices in 2020:
Read more: Saudi Arabia pushing Opec for deeper oil production cuts
“With Brent crude trading consistently around the $60 mark the chances are the current agreement will be extended to the middle of next year when OPEC meets again.
“But there are concerns about weakened demand, with the ongoing trade dispute between the US and China still not resolved coupled with the US still producing strongly due to the continued contribution of its fracking rigs.”