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It has been announced today by the Oil and Gas Regulatory (OGRA) that there will be a 5.5 per cent drop in petrol rates which will bring the cost back down to a more respectable level than in previous months. However, the cost of diesel has been reduced only nominally by this drop and will contribute towards keeping the cost of inflation up.
Whilst we as consumers may welcome a brief respite from the pressure of petrol costs, it’s worth reflecting on just why petrol costs are starting to finally drop? The main reason boils down to the fact that if there is less demand for fuel then the authorities are forced to drop their prices.
One of the reasons why the demand for fuel could be less is due to the fact that manufacturers are now producing the very best fuel efficient cars. In recent years, we have also seen a rise in the amount of electrically capable vehicles on today’s roads such as the Nissan Leaf, the Toyota Prius and Volkswagen’s popular Bluemotion range.
Another reason behind the drop in petrol could be due to the fact that people are simply not taking their cars out as much as they used to. More people are walking or even cycling to destinations whilst public transport is now being favoured by many motorists. There are more opportunities to car share with other workers on the daily commute, with websites being set up to put people in touch with other people in their local area.
In terms of the best places to search for the cheapest fuel prices, supermarkets often come out on top. In June this year, we saw all four of the biggest supermarkets in the UK take between 3p and 5p off the price of a litre of petrol and diesel, and those incentives are still occasionally offered to customers who spend a certain amount in stores, with retailers recognising the struggles customers are continually faced with.
It is uncertain as to whether the petrol decrease will last beyond a week, after which a review is routinely made by OGRA which could produce yet further bad news, but for now it is well worth heading to the pump if you want to save some all important cash. Particularly on days like today when the bad weather forces more motorists than normal to take to the roads.