Oil prices dip

A slight dip in the price of oil should be welcome relief to all the millions of consumers out there paying a hefty premium to fill up their tanks.

But it appears this has led to only a 0.5p drop in the average price of a litre of petrol in the UK, according to the AA.

The average cost of petrol is now 15.43p a litre more than it was a year ago, with a family with two cars spending £32.76 a month more than they did a year ago.

AA president Edmund King said: 'Although there is momentum for at least £2 to be knocked off the price of filling a petrol tank, drivers can't forget that the same tank cost them £7.50 less than a year ago.

'Record fuel prices have shaken up shopping patterns. People are beginning to factor in the fuel cost of driving to a large store to shop for basics. This has led to supermarkets trying to find ways to counter that disincentive with cut-price fuel or vouchers. This in turn tightens the pressure on non-supermarket retailers suffering from lower fuel sales.'

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