The cost of living in the UK continues to rise, now forcing drivers to pinch their pennies as the cost of fuel continues to reach record highs.
Ofgem, the government’s regulator for gas and electricity, had already confirmed that energy prices will increase by 54% (£963) on average from April 2022.
This will affect millions of British households with the average customer set to spend a total of £1,971 per year on gas and electricity alone.
The RAC has confirmed that the average cost of a litre of petrol in the UK would once set drivers back at least 185.04p, whilst diesel sat at 190.92p - but luckily for us, prices seem to be going back down.
Why did fuel prices rise?
At the peak of the price of fuel, it was commonly argued that Russia and Vladimir Putin’s invasion of Ukraine was the pivotal factor behind the high cost of fuel, but this was not the case.
The main reason behind the sharp increase is down to the price of crude oil, which is a resource used in the make-up of petrol and diesel.
During the Covid-19 pandemic, the cost of crude oil was at an all time low as the demand for energy collapsed.
However, as life slowly got back to normal and opened back up, the demand for crude oil returned and suppliers have since struggled to keep up with it.
This, partnered with the fact that crude oil is paid for using US dollars - with the British pound currency weak in comparison - this has led to making the cost of fuel rise to expensive levels.
Are petrol and diesel prices going down in Liverpool?
Much to the benefit of Liverpudlian bank accounts, the price of fuel in the city is expected to become more affordable by the day.
This is according to motoring group AA, who have previously said that the cost of filling up your car will be £10 cheaper as wholesale prices are falling.
Luke Bodset from AA issued the following statement: “Wholesale petrol’s trajectory, if sustained, would lead to savings from the record highs, providing the fuel trade is prepared to pass them on.
“So far this morning (Tuesday, 19 July) even with oil rebounding, wholesale petrol remains below 80.5p a litre.”
“The problem is that, in many places [forecourts], the price cuts are quite simply not happening despite more than six weeks of falling costs.”
Wholesale petrol prices peaked at £1-per-litre at the start of June in 2022, but has since been dropping below 80p a litre.
Where are the cheapest places to get fuel in Liverpool?
Here are five of the cheapest places in Liverpool to buy petrol and diesel on Monday, 17 October 2022.
Please note that this this list excludes any fuel station which requires a paid membership or subscription to use, such as Costco.
Asda Petrol Station, Aintree - 157.7p per litre
Esso Petrol Station, Maghull Service Station - 157.9p per litre
Asda Petrol Station, Bromborough - 159.7p per litre
Asda Petrol Station, Huyton - 159.7p per litre
Essar Petrol Station, Thurne Way - 159.8p per litre
Gulf Petrol Station, Garston Way Service Station - 169.9p per litre
Sainsbury’s Petrol Station, Rice Lane - 171.9p per litre
Asda Petrol Station, Breck Road - 175.7p per litre
Asda Petrol Station, Bootle Strand Road - 175.7p per litre
Asda Petrol Station, Walton - 175.7p per litre
All petrol and diesel prices per litre are correct at the time of publishing.