Petrol prices in the UK have reached their lowest point in six months, according to a recent analysis.
The Automobile Association (AA) reported that the average price of a litre of petrol was £1.43 ($1.85) this week. With the exchange rate at N2,050 per pound, this equates to approximately N2,931.37.
This is the lowest price observed since mid-February.
Diesel prices have dropped to an average of £1.47 per litre, a level not seen since late January.
The AA stated that the current figures offer “little cause for celebration,” pointing out that the highest average petrol price before the coronavirus pandemic was £1.425 per litre in April 2012.
The motoring organization also noted that eliminating the 5 pence-per-litre fuel duty cut introduced in March 2022 would significantly impact workers earning the national living wage who drive considerable distances for their jobs.
According to the AA, an employee who refuels weekly would forfeit 5.9 percent of the benefit gained from living wage increases over the past two years if the fuel duty cut were removed.
The fuel duty cut, which amounts to 6 pence per litre when VAT is factored in, is only guaranteed until March 2025.
AA fuel price spokesman Luke Bosdet commented, “Pump prices this summer have given UK drivers little cause for celebration.
“They (petrol price) may be way below the 1.9153 pounds record for petrol in July 2022 but they are currently locked at a permanently and historically high level that drains consumers’ finances.
“For low-paid workers who welcomed a living wage increase of nearly 2 pounds an hour during the cost-of-living crisis, having to pay an extra 6 pence a litre for road fuel is going to feel like a substantial pay cut.”
Is it Naira there spending in UK?