Review of UK fuel prices in July 2017: steady summer decline continues

While earlier indications signalled that a rise in fuel prices might be on the cards for July 2017, prices actually dropped for a fifth consecutive month. The latest data has revealed the top ten cheapest and most expensive locations in the UK for purchasing fuel.

UK fuel prices continued their decline in July, with unleaded dropping to an average of 114.7 pence per litre and diesel dropping to an average of 115.4 pence. That’s a per-litre reduction of 5.4 pence per litre for unleaded since the decline in prices began in February, and of 6.9 pence for diesel. Excellent news for drivers clocking up the miles on their summer holidays.

Prices remain higher than they were this time last year, but not by a great deal. Unleaded now costs 2.8 pence per litre more than in July 2016, while diesel costs 3 pence more.

Fuel prices have fluctuated greatly over the past decade. This time in 2007, unleaded cost an average of 96.7 pence per litre. By 2012 it had risen to 132.3 pence. Diesel has followed the same pattern, rising from 97.2 pence in July 2007 to 137.4 pence per litre in the same month of 2012.

The UK’s cheapest fuel

The cheapest unleaded in the UK in July could be found in Leigh, Greater Manchester, with an average price of 109.5 pence per litre. Pembroke Dock in Pembrokeshire and Dunkinfield in Greater Manchester also came in at under 110 pence per litre for unleaded, with averages of 109.8 pence and 109.9 pence respectively. The cheapest price found in any individual petrol station was at Asda Tamworth Automat, with a fantastic price of 107.7 pence per litre.

The cheapest diesel was in Spennymoor in Country Durham and Tilbury in Thurrock, where it cost 110.7 pence per litre on average. Pembroke Dock and Loanhead, Midlothian, followed at 110.8 pence per litre.

The UK’s most expensive fuel

At the other end of the price scale, Tighnabruaich in Argyll & Bute leads the UK when it comes to the most expensive unleaded, at an average cost of 132.9 pence per litre. It’s followed by Freshwater in the Isle of Wight at 129.9 pence and Woolacombe in Devon, at 127.8 pence. The most expensive price in any single petrol station was found at Chelsea Cloister Service Station, at a staggering 150.0 pence per litre.

Tighnabruaich also topped the list of the most expensive places in the UK to buy diesel in July 2017, at an eye-watering 135.9 pence per litre. Freshwater followed at an average of 131.9 pence, then Woolacombe and the Isle of Benecula, in Eilean Siar, jointly at 129.9 pence per litre.

Looking ahead – fuel prices in 2018

The forthcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) has seen oil prices falling once more in anticipation of the outcome of the two-day event. Many investors are concerned about the strength of major producers’ commitment to oil output caps.

Meanwhile, BP Chief Brian Gilvary has spoken out about price expectations heading into 2018. He suggests that the balance between cuts in production in Russia and the OPEC region and ongoing shale production in the US means that, “For 2018, something around $45 to $55 a barrel is probably a good range.”

This could be good news for petrol prices. With steep jumps in oil prices seemingly off the table (at least based on current projections), it seems that drivers can look forward to continuing to reap the rewards at the pump as we head into next year.

Despite the relatively steady oil prices, PetrolPrices can’t help but think that, as soon as the price ticks over $50 per barrel with any kind of consistency, motorists will start feeling the pain at the pumps once more. As ever, we’ll be watching closely and letting you know.