Fuel prices on the slide

FUEL prices are continuing to fall in our region with the average price of a litre of unleaded around the 107p mark.

FUEL prices are continuing to fall in our region with the average price of a litre of unleaded around the 107p mark.

Pump prices have seen a ten pence drop per litre from record highs in mid July, according to the AA.

The cuts are a reaction to crude oil prices have falling to about $88 a barrel this week from their all-time peaks of nearly $150 in the summer

Economic slowdown has shortened global demand for oil and the average monthly cost of fuel per family has in turn dropped by around £20.

But the AA said prices here are still higher than a year ago, when a litre of the auto fuel cost less than a pound.

A spokesman said:

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“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 should in his pre-Budget report commit to a fuel duty freeze in these difficult times.”

Some supermarkets and service stations are offering petrol at 105.9p and diesel at 116.9p a litre.

Across the country, there are hopes that further drops in fuel prices will help bring down inflation rates, allowing the Bank of England to further lower interest rates in the hope of boosting the British economy.

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