Bank holiday petrol set to be cheaper after the price of crude takes a tumble

The price of filling up at petrol forecourts, which has leapt by an average 3p a litre since June, is set to fall ahead of the next bank holiday getaway, the AA said today.

Its latest fuel price report showed petrol hit a peak of 137.61p a litre last week but wholesale prices have fallen in the past three weeks, and that is feeding through to forecourts. “Prices dipped slightly over the weekend,” the AA said. “Some non-supermarket retailers are already taking advantage of a 1p- to 2p-a-litre dip in wholesale prices over the past three weeks by undercutting local superstore prices.”

But even so, at 137.52p a litre, petrol averages 1.74p a litre more than a month ago and is almost 3p dearer than June’s 134.6p price plateau. Volatility in the oil market, with speculation on the impact of unrest in Egypt, plus fluctuating US stocks and Chinese economic indicators helped to lift the oil price above $110 a barrel for the first time since the spring.

Still, London has the cheapest average price for petrol in the country, at 136.9p a litre.