Why Are Fuel Prices So High And Will They Go Down? - The Sun

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PETROL prices remain high despite falling off from record highs in recent months.

The price of a litre of unleaded hit over £2 earlier this year after wholesale prices jumped due to the war in Ukraine.

The cost of petrol has fallen below 175p a litre in recent weeks, but is still around 30p more expensive year-on-year.

It’s making it expensive to get the kids to school, or commute to work as drivers are already struggling amidst the cost of living crisis.

Energy bills are also soaring.

Consultants Auxilione have predicted bills could reach £6,000 a year come next April.

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Why are fuel prices so high?

Petrol prices are going up due to the ongoing war in Ukraine.

Russia has been slashing its crude oil exports to Europe amidst the conflict.

It’s meant there’s a lack of supply coming into the continent and wholesale prices have been driven up.

The wholesale price is how much the oil costs when it leaves the refinery – and that’s the price retailers pay for it.

But when supply is disrupted, wholesale prices go up.

Those prices are then passed onto the consumer buying at the pump.

But the ongoing conflict in Ukraine isn’t the only reason.

As the UK came out of the coronavirus pandemic and demand for fuel rose, so did the price.

And even though Rishi Sunak cut fuel tax in March, prices remain high.

When will fuel prices go down?

It’s hard to say when fuel prices might drop to a certain level, as it depends on how long the war in Ukraine lasts for and how economies emerge from the pandemic.

AA reported on August 12 fuel prices could drop “by a further 15p in coming weeks”,  but did not offer a long-term prediction.

The general trend is that if wholesale prices fall, the average cost to fill up a tank should drop for you.

But sometimes it might take a few weeks for the lower wholesale costs to be passed on, especially if you get your fuel from a supermarket.

Even still, costs are still significantly higher than a year ago, when petrol averaged 135.3p a litre, and diesel 135.56p.

How to save on fuel before you drive

For now, and while prices stay high, there are several ways you can save on your fuel before you even get in your car.

Keep your tyres inflated: low air pressure in your tires means that your tires will drag, slowing the car and using more fuel.

Keeping your tires topped up with air will make sure that everything is functioning properly and you will use less fuel

Remove any excess weight: If your car is full of clutter or you don’t need your roof rack, get rid of it.

The less weight your car is carrying the less acceleration it will need to get going. Even an empty roof rack can affect your cars wind resistance and put up your fuel consumption by 10% according to the RAC.

Don’t completely fill your tank: Having a full tank of petrol can weigh your car down, so by only keeping your car half to three quarters full you can make your car run more efficiently.

But, don’t try and run your car purposefully low on fuel and be particularly careful in the winter when driving uses up more fuel.

Plan your route: If you make one round trip rather than several small trips you will use less fuel.

Once your engine is warm it will work efficiently but if you stop and start, changing the temperature of your engine, you will use more fuel.

Shop around: You can use sites like PetrolPrices.com to search petrol stations near you before you set off to see who has the best rates and cheapest options – you can do 20 free searches.

How to find cheap fuel

There are a number of ways you can find cheaper fuel.

You can use up any loyalty card points you’ve racked up at some garages, like Tesco and Sainsbury’s.

And you can shop around for the best prices as well.

Confused.com has a useful price checker where you can find your nearest cheapest petrol station.

However, one downside to the search bar is that you have to login or register an account to be able to get up to 20 searches a week.

Another option is the PetrolPrices app and website, which lets you check prices from more than 8,000 forecourts near you.

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