Motorists see little benefit from the fall in the price of crude

Despite the price of crude oil falling by more than 10%, the AA have reported that pump prices have remained relatively unchanged because the value of the pound, against the dollar, fell by 7% during the same time frame.

The price of petrol fell by 1.5p in August, but despite the 10% drop in crude oil price (which is equivalent to a fall of 2p at the petrol pumps) pump prices have steadily climbed for both petrol and diesel back to the all-time high level reported in May.

Usually a slight downward movement is seen at the end of the summer, but this has not been experienced this year. The AA have reported that the cost of a litre of petrol is now 135.61p and a litre of diesel 139.62p. This has risen by more than 20p per litre for both commodities in one year, which means that a typical 50-litre tank now costs £10.27 more.

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