Brent crude oil prices fell through July, topping out at a little over $87 a barrel on the 4th before falling throughout the month to close around $80 a barrel.
At the pumps, motorists had enjoyed a downward trend on unleaded through June, whereas July has been much more consistent, with unleaded prices averaging between 144.5ppl and 145.5ppl for much of the month. However, the wholesale price drops appear to be making their way through to the pumps, as the month closed with an average unleaded price of 144.2ppl.
Diesel has seen a similar trend, with July opening at 149.5ppl before reaching highs of 150.5ppl in the middle of the month before falling back as we closed the month with a price of 149.2ppl.
With Brent crude prices falling throughout July, drivers should expect to see price drops into the first half of August at the least.
Of the supermarkets, Tesco is leading the way on unleaded and diesel pricing. Tesco is currently averaging 141ppl on unleaded and 146ppl on diesel. In general, the supermarkets have been relatively consistent throughout July, with the highest average price of unleaded and diesel, occurring on the 19th of July (141.9 and 146.9, respectively). This comes 15 days after the peak in Brent crude was observed.
In addition to falling Brent crude prices, the pound has strengthened against the dollar. A stronger pound means lower pump prices. At the start of July, the rate stood at $1.26 to the GBP. In mid-July, this reached $1.30 before falling back to $1.28 at the close of July.
Lower Brent crude prices and a strong pound should mean lower pump prices. Drivers should see the pump prices fall over the next two weeks (maybe longer). As always, we will bring daily price changes to the PetrolPrices app, so check for the latest prices. If you would like prices straight to your inbox, consider setting up a Price Alert at a frequency that suits you to stay informed.
Well motorists best make the most of it because you can bet your bottom dollar the wicked Rachel Reeves will be increasing tax on it and then saying it’s the Tories fault.
I live 4 miles from the Hamble Terminal which takes fuel directly by pipeline from Fawley Refinery. The nearest Tesco’s 3 miles or less from the terminal and is the cheapest diesel in our area today at 146.9ppl. I have relatives 80 miles away in Yeovil, where Tesco is not the cheapest today, but has diesel at 141.9ppl. So the conclusion is that although the fuel comes from the same terminal, and in spite of transport costs, supermarkets are still charging what they consider a local market will stand….