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UK petrol costs: drivers ‘pay £5 extra per tank as a consequence of pound collapse’

The AA has calculated that if the pound had been stronger drivers would pay considerably much less on the pumps (Image: Getty)

The large drop within the worth of the pound has resulted in drivers paying an additional £5 per tank of petrol, a brand new evaluation suggests.

However the evaluation got here earlier than yesterday’s mini-budget, which was adopted by one other huge drop within the worth of the pound sterlingbringing it to a brand new low in 37 years.

The AA stated the cuts on the pump, as oil costs fell to the place they had been earlier than the Russian invasion of Ukraine are ‘critically undermined’ by the weakening pound.

It estimated gasoline can be “not less than” 9 cents a liter cheaper if the pound held its $1.35 worth in mid-February, quite than the $1.14 degree seen this week, a 37-year low. . Yesterday afternoon, the pound had fallen beneath $1.10.

The sooner distinction in pump costs had added about £4.95 to the price of refueling a typical 55-litre household automotive, the motorist stated.

Petrol costs averaged 164.8 pence per liter at first of the week, down from 173.5 pence in mid-August.

That 8.7 pence drop is much less dramatic than the 15 pence reduce between mid-July and mid-August.

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Nonetheless, the comparatively decrease prices nonetheless led to a weird response from the Brazilian president throughout his go to to the UK for the Queen’s funeral.

Jair Bolsonaro shot a video of the prize in a London forecourt and scornfully in contrast it to the price in Brazil.

In the meantime, the common worth of diesel fell 12.5 pence between mid-July and mid-August, earlier than falling one other 3 pence at first of the week to 181.3 pence.

AA gasoline worth spokesman Luke Bosdet stated: “The influence of the trade charge is commonly neglected when motorists evaluate oil worth actions with these on the pump.

“Proper now it is essential. Oil and gasoline within the commodities markets are traded in {dollars}, making the weaker pound very dangerous information for motorists.

‘The oil worth is again to the extent it was at first of the struggle in Ukraine, however gasoline is 15 cents per liter costlier.

“Two-thirds of that increased value is because of the weak spot of the pound.”

Sterling has been weak in opposition to the greenback for months, largely because of the stronger US forex, however the pound has additionally fallen in opposition to different currencies.

Mr Bosdet added that it’s potential to purchase petrol for round 10 cents a liter beneath the common worth by discovering a ‘aggressive petrol station’.

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