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Petrol retail prices drop

Petrol retail prices drop

LONDON, Oct 8 (Reuters) – UK petrol pump prices have fallen by 10 pence per litre from record highs hit in mid-July, the Automobile Association (AA) said on Wednesday.
The average UK petrol prices fell to 1.0938 pounds ($1.92) per litre ($8.72 per imperial gallon, $7.26 per U.S. gallon) on Tuesday from its record high of 1.197 pounds on July 17, the AA said in a statement.
The monthly cost of petrol for a two-car family in the UK has fallen by 22.11 pounds to 234.45 pounds from mid-July and the country is now spending 6.8 million pounds less per day on petrol than it was in mid-July, the association said.
“Although much of the saving will be swallowed up by the extra cost of domestic energy, grocery inflation and higher cost of borrowing, UK families at least have some good news to offset the current gloom,” Paul Watters, an AA spokesman said.
International benchmark U.S. crude oil prices have fallen to about $88 a barrel on Wednesday from their all-time peaks above $147 hit in mid-July as an economic slowdown amid the financial crisis has curtailed global oil demand.
However, the AA said UK petrol prices were still 9.8 pounds higher than a year ago. “Before anyone gets euphoric, UK families are still losing 25 pounds a month more to higher petrol costs than they were a year ago.”
“This week the AA will be telling the Exchequer Secretary to the Treasury that the Chancellor (finance minister) should in his pre-Budget report commit to a fuel duty freeze in these difficult times.”

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