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5th June 2020

Petrol prices drop significantly

The price of petrol is ever-changing. Many of us will even choose a specific petrol station to fill up in, depending on the price per litre that is on offer.

Whilst you may not have been driving as much over the past few months amidst the COVID-19 pandemic, you may have noticed when you do get out on the roads, that it is costing less to fill up your petrol tank.

The price of petrol is determined by the cost of global oil prices, which have seen a dramatic slump since the beginning of the pandemic. As a result of this, between March and April 2020, petrol prices fell by an astounding 10.4p per litre. This marks the biggest drop in unleaded petrol since records began thirty years ago. This slump in oil prices has also contributed to the fact that inflation is at a four-year low, now standing at just 0.8%.

petrol prices UK

What can we expect from petrol prices over the coming months?

Any changes in petrol prices will depend on how global oil prices fare as the COVID-19 pandemic goes on. Restrictions are slowly easing in some parts of the world, whilst remaining in place in others, therefore any predictions on how varying markets will be impacted is anyone’s guess.

With many people driving significantly less than they would typically, the effect this will have on our own outgoings is likely to be substantial.

Keep up to date with latest news and guidance on all things motoring on our Hints and Tips page.