Isle of Wight motorists have noticed a sudden drop in the price of petrol and diesel at forecourts across the Island – and it could go even lower in the coming weeks…
Pump prices are the lowest they have been in around 3 years and there is hardly any difference between the price of petrol and diesel now. Tesco in Ryde, for example, is selling petrol at 135.9p per litre and diesel at 138.9p.
In October 2021, Island Echo reported that the cost of filling up a car was the highest it had been since 2012. Diesel was priced at 143.9p per litre 3 years ago, but peaked at around 210.9p in June 2022.
However, in the past couple of weeks, the price has been falling by as much as a penny a day in some locations.
The recent price fall is all thanks to a drop in demand for oil and the strength of the pound. Crude oil is cheaper to buy at the moment due to a global slump in demand, which comes at the same time that the Great British Pound surges.
7 pence a litre more expensive than the mainland though