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Petrol prices fall back from early July spike

PETROL price pressure on the purse strings of drivers has eased, according to figures from the AA.

They showed that average petrol pump prices in the UK have fallen back to 130.0p a litre having risen to 131.7p a litre at the beginning of July.

Motorists are now doing far better than they were a year ago when petrol averaged 137.5p a litre, rising to 138.38p a litre in mid-October.

The AA said average diesel prices were now down to 134.4p a litre after rising to 136.37p in early July 2014.

A year ago, pump diesel hit 141.74p a litre, on its way to a mid-September peak of 142.88p. Record prices remain 142.48p a litre for petrol, set in April 2012, and 147.93p for diesel in the same month.

AA president Edmund King said: "Crises in Iraq and the Ukraine helped to send oil prices to $115 a barrel in June, although a strong pound softened the impact for the UK driver.

"Since then, oil is now down around 10 dollars a barrel - partly because Libyan supplies grew again. However, consumer confidence has yet to recover."

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