Login
My Garage
New hero

How low will fuel prices drop? Some experts predict as much as 15p – but we won’t hold our breath!

By Tom Gibson | August 30, 2022

Share

Why not leave a comment?

See all | Add a comment

Motorists have been pleased to see fuel prices come down in recent weeks, despite it taking much longer than it needed to for retailers to reduce prices.

How low will fuel prices drop? Some experts predict as much as 15p – but we won’t hold our breath!

And although prices may drop a little further, we expect the joy to be relatively short lived as the price of Brent Crude Oil has once again nudged above $100 per barrel.

This is considerably below the highs earlier in the year when it almost reached $140 per barrel, but above prices at the start of the month when it dropped to $94.

Despite it taking some time for the price of Brent Crude Oil to make its way to the forecourt – and with the price of Oil being just one factor of many that influences the price of fuel – experience of the fuel crisis tells us that the greed of retailers prevents prices falling sharply despite the wholesale prices of fuel falling.

We’ve now seen seven collective weeks of wholesale price reductions but this may change over the coming weeks when the price of Brent Crude Oil is reflected.

Some experts have said, despite our relatively hesitant take, that some prices may drop as much as 15p over the next fortnight taking us closer to the £1.50 mark – on average.

A spokesperson for the RAC said: ‘Gains triggered by the invasion of Ukraine have now been cancelled out, as rising interest rates and the subsequent cooling this is expected to have on global economies, outweigh previous questions about a lack of supply caused by the conflict.’

Luke Bosdet, AA’s fuel price spokesperson, added: ‘This is a glass half full and half empty situation for UK drivers. Yes, they are paying on average approaching 19p a litre less for petrol and saving nearly £10.30 a tank. But, the fuel is still 37.6p a litre more expensive than a year ago (135.29p).’

‘That is still at danger level for young drivers and those with families who we know, from AA research among thousands of its members, have been forced into debt or seeking financial help from friends and family. In previous pump price crashes, drivers could reckon on the supermarkets racing to pass on the savings, trying to steal a march on their rivals.’

Related Articles

UK EV drivers are doing more miles than petrol owners – stats reveal
Battery-electric cars are outdriving petrol vehicles. Discover why more drivers are choosing EVs for long trips.
Jul 18, 2025
Used Citroen sales suspended as 'stop-drive' airbag recall hits UK
Buying a used Citroen? It could be illegal to drive. Learn why dealers are pulling listings and what you should do next.
Jul 18, 2025
Don’t have a driveway? Oxfordshire's got a clever fix for charging your EV
A new scheme in Oxfordshire lets you charge your electric car at home without a driveway. Here's how it works and what it costs.
Jul 17, 2025
Solo drivers could be banned in Spain - Is the UK next?
Spain is considering new traffic rules, including a two-person car minimum. Could similar policies come to the UK? Here's what drivers need...
Jul 17, 2025