Petrol prices at lowest level in three years

According to The AA, the national average for petrol is nearly nine pence cheaper than this time last year.

16:41 21 March 2014

According to a new survey, petrol prices in the UK are at their lowest level for three years.

The AA confirmed that the national average price for petrol this year is nearly nine pence cheaper than the same period last year. It added that in Mid-March, the average pump price was 129.46 per litre. This is a 6.47per cent drop from 138.42p last year.

The motoring group, who agreed to the outcome of the survey, said that recent wholesale cuts might result to further drop in prices by as much as 2p per litre for petrol. Also, it was confirmed that the diesel prices are at their lowest level for nearly two years.

Last year, the Office for Fair Trading (OFT) said price variations can occur in regional areas where competition was higher.

It said: "Petrol and diesel tend to be cheaper in local areas that have a greater number of local retailers, in particular areas where there are supermarket forecourts."

"In August 2012, for example, prices were on average 7.5p per litre higher for petrol and 8.3p per litre higher for diesel than at other UK forecourts," it said of last year's report.