Great News: Cheaper Petrol at the Pumps

seamless-pattern-with-gas-stations-signs-913-1464Falling oil prices may have been in headlines for months, but the benefits have taken a long time to trickle down to the price of petrol at the pumps. However, recent weeks have seen fuel prices plummet and it’s a trend that’s set to continue.

One petrol station in Birmingham (the Harvester in Maypole) is now selling a litre of petrol for less than £1.00. Admittedly at 99.7 pence you won’t get much change from a £1.00, but it’s a record low and great news for motorists.

Boffins have been crunching the numbers and calculated the price fall could mean savings of £4billion across the country. With the average driver clocking-up 8,700 miles a year every motorist stands to save £140 on fuel costs.

It’s also great news for the haulage industry who have been having a tough time recently; and of course reduced haulage costs will drive-down the cost of goods in the shops.

However, it’s not all good news as there is a fly in the ointment. The flipside to cheaper petrol prices is that motorists are spending more time on the roads which may in turn push-up insurance premiums.

As unlikely as it sounds pundits have predicted that more miles and heavier congestion will increase risk and therefore increase premiums. Official figures appear to back up the theory with traffic volume rising over the past three months and a corresponding 2% rise in car insurance premiums.

If you are looking for a cheap tank of fuel (and let’s face it; who isn’t?) you’ll be happy to hear that the main supermarkets are in the middle of a price war. Otherwise get on your smartphone and download one of the numerous free Apps which will tell you the lowest prices nearby. Careful driving can also help conserve fuel and the following tips will help you drive more economically.

 

 


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