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Fuel prices hit new low at the pump
10:31am Friday 25th October 2013 in News
MOTORISTS are being urged to cash in on lower fuel prices after the cost of filling up a car in Malvern dipped to its lowest point in years.
Drivers have been able to take advantage of unleaded prices as low as 129.9p a litre over the last week – with the average price of unleaded within a five-mile radius of Malvern currently at 132.8p, according to price finder website petrolprices.com.
Nationally, the AA says petrol prices have fallen by 5.49p a litre between mid- September and mid-October, the monthly fall since November 2008.
The plunging prices mean fuel in Malvern is more than 10p a litre lower than the eye-watering record average of 143.5p back in April 2012.
MP Harriett Baldwin – who along with your Malvern Gazette has campaigned for cheaper fuel and fairer prices for rural areas – welcomed the news.
“Petrol prices matter a lot to local people and we are all relieved they are lower,” she said.
“Thanks to a recovering economy, the pound is stronger and the Chancellor has shown he is on the side of drivers by cancelling price rises of 13p a litre planned by Labour. I hope prices remain at these levels and I would urge people to continue to shop around to ensure they get the best price at the pump.”
Coun Phil Grove, portfolio holder for economic development at Malvern Hills District Council, heralded the price plummet as “good news for local residents and businesses alike”.
“The reduction in our district is particularly significant to those people who may be living in rural areas and having to travel quite a distance as part of their daily routine to get to work, take children to school, or as part of their business,” he said.
The lower cost of fuel was welcomed by Andrew Collier, forecourt manager of independent AD Daniels garage in Malvern Wells.
“We don’t see a massive surge but we do see a bit of an increase in trade when prices come down as they have,” he said. “Lower prices are always a good thing because it helps everyone.
“I think the oil price has been artificially high due to speculation so it is nice to see it a bit fairer. Long may it continue.”
Prices in Malvern are still higher than the national average – currently 131.73p a litre for unleaded.
But this should come as no surprise after an Office of Fair Trading (OFT) investigation last year conceded prices in the town are generally “slightly above” those found elsewhere.
But it dismissed any suggestion of price-fixing or that Malvern people were being unfairly stung at the pumps.
AA president Edmund King said the price plunge has knocked more than £2.50 off the cost for a family filling up the car. But he urged people to take advantage quickly of the current lull in fuel prices.
He said the UK’s limited refinery capacity and the strengthening of the US dollar following the government ‘shutdown’ mean prices could soon bring prices back up.
“A more than £2.50-a-tank cut in petrol costs for families is dramatic improvement on its own, but heading into winter with cars using more fuel, the timing couldn’t be better,”
“The bigger picture, with the future of refineries in the British Isles under threat is more worrying, and the we urge the Government to find ways to support them.”
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