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Fuel prices are still fluctuating, with gasoline now 21p cheaper per liter

The falling price of crude oil and a battle between the supermarkets means the price of fuel on the Isle of Wight is continuing to tumble, with 8p per litre knocked off the price of diesel in the past 2 weeks alone.

Throughout June and July prices were at record highs, however, the price of petrol has now fallen 21p per litre from its peak at 189.9, now at 168.9, whilst diesel has dropped 15p from 197.9 to 182.9.

Back in June a typical 60-litre tank would have cost £113.94 to fill, but will now cost £101.34 – a saving of £12.60. That £12.60 saving is enough to power a 40mpg car for another 80 miles.

It was at the start of August that prices finally started to come down at some rate and in the past 2 weeks alone petrol has fallen by 5p and diesel 8p.

These prices are on offer at Tesco on Brading Road in Ryde, but interestingly, at times, they have not been the cheapest option in the East Wight unlike in years gone by. Harwoods, at Wootton, is known for being on the expensive side by has recently been selling fuel several pennies cheaper than supermarket giant Tesco and their competitors, Asda.

Sadly, there are no signs of things going back to how they were in May 2020 when fuel prices were at their lowest point since 2016. The average price of petrol was just 107.6p p/l and diesel at 114.6 p/l.

Brent crude is now coming in at $95.47 a barrel which is around $33 a barrel cheaper than it was 2 months ago – a drop of 25%. Sadly, pump prices haven’t dropped by the same with petrol having come down just 11%.

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