The AA said latest trade figures show fuel wholesale costs have slumped since the start of the week.
11 March 2022
A slump in wholesale fuel costs means drivers could be given relief from record pump prices.
The AA said latest trade figures show petrol wholesale costs have fallen to 67.7p per litre, down from 75.8p per litre at the start of the week.
Wholesale diesel costs have fallen from 89.8p per litre to 77.3p per litre over the same period.
These reductions “offer drivers the hope that pump prices are reaching their peak and may fall back”, the AA said.
Oil prices soared following Russia’s invasion of Ukraine, leading to higher wholesale costs for fuel retailers.
The price per barrel of Brent crude, the most commonly used way of measuring the UK’s oil price, reached 139 US dollars on Monday, which was its highest level in 14 years.
But the price plummeted to 109 US dollars on Wednesday, and remains near that level.
The drop in wholesale costs has not yet registered with pump prices.
Figures from data firm Experian Catalist show the average price of a litre of petrol at UK forecourts on Thursday was 161.1p, up from 159.6p on Wednesday.
Average diesel prices reached a new high of 170.1p per litre on Thursday, up from 167.4p per litre on Wednesday.
