Fall in fuel prices ‘a respite’

Fuel prices are falling for the first time in months, as the price of oil drops but an expert warned that prices will still remain high for the foreseeable future, writes Carol Millett.

Brent Oil, the market for crude oil prices, fell below $95 a barrel last week for the first time since Russia’s invasion of Ukraine in February, down by a fifth since the previous month, rising to $105 a barrel at the start of this week.

The AA is reporting that average pump prices for petrol have fallen from 191.53p a litre for petrol and 199.07p a litre for diesel at the start of July to 188.76p for petrol and 196.96p for diesel.

Tom Kloza, global head of energy analysis at pricing group OPIS, said although the retail price has fallen ‘large increases for gasoline and crude oil in futures’ trading’, meant that the price fall is only a respite whilst the war continues.

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