An expert has called on drivers to consider their future with internal combustion engine vehicles in after constantly fluctuating and volatile fuel prices.
The latest data from the AA shows that average petrol prices dropped twice as fast following a report from the Competition and Markets Authority (CMA).
It accused retailers of profiteering and not passing costs onto hard-pressed drivers in response to a decline in the wholesale cost of oil.
In the 31 days between October 8 and November 8, prices fell by just 3.5p per litre. In comparison, it took just 14 days for prices to drop by 3.75p after the CMA report.
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Paul Holland, managing director for UK/ANZ fleet at FLEETCOR, commented on the recent fuel price fluctuations and questioned whether the Government would be able to support drivers with price cuts.
Speaking to GB News, he said: “Today, fuel prices are far from the record highs they reached in 2022, when petrol was 191.53p per litre and diesel 199.05p.
“But we should be cautious in thinking that high fuel prices are gone.”
The fuel price expert said drivers would most likely be able to adapt to prices if they were to remain between £1.20 and £1.40 per litre.
However, there are concerns that these prices will not be seen anytime soon with global factors continuing to affect petrol and diesel costs.
Holland highlighted how the Government does have a large impact on the price of fuel, namely fuel duty and VAT making up a significant share of pump costs.
While the Government has introduced measures to lower prices, most notably cutting the rate of fuel duty by five pence per litre.
Despite this, there was some frustration from drivers given that the Government did not extend the fuel duty cut further.
Paul Holland continued, saying: “That said, we may well see further fluctuations as a result of the pound-to-dollar exchange rate, perhaps additional changes to OPEC’s supply and a further fall in demand, which has caused the price fall recently.
“However, we’ll need to monitor what happens over the coming months and see how this will impact some of the fundamental costs within the price.
“At some point the Government will need a robust, alternative way to replace its diminishing fuel duty.
“Given the growing challenge facing the UK Government, individual drivers and large fleets should take a serious look at switching to EVs sooner rather than later, while they can still make savings.”
Exclusive data from PetrolPrices seen by GB News found that some filling stations around the UK were charging as little as 133.9p for petrol as seen in Whitchurch, Hampshire.
Diesel drivers are also seeing lower prices at independent stations in Dunoon, Whitchurch, Craigavon, Carrickfergus and Ellesmere.
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However, aside from motorway service stations, some garages are overcharging drivers including Lye in Stourbridge charging 179.9p for petrol.
Those with diesel engines suffer the most with prices not being seen since the record-breaking levels of last summer, with the Stracathro service station in Brechin charging 189.9p for one litre.
