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5 months ago
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Drivers can expect to pay less at fuel pumps over the next year, as experts predict the cost of diesel and petrol could fall by 10p per litre.
The International Energy Agency has pointed to a global oversupply of oil by 2030 which has led analysts to predict a sharp drop in cost.
Not only will this make it cheaper to fill up at the pumps but Brits could be jetting off on holiday for lower prices as the cost of aviation fuel falls.
Last month drivers were already treated to cheaper petrol as the average cost of unleaded dropped by 2.4p, saving drivers an average of £1.30 per tank.
Average diesel prices dipped by 4.5p, from 158.06p to 153.59p per litre, according to Fuel Watch.
Drivers can expect to pay less at fuel pumps over the next year, as experts predict the cost of oil could fall to £47 a barrel (Stock Image)
Average diesel prices dipped by 4.5p, from 158.06p to 153.59p per litre, according to Fuel Watch (Stock Image)
Fuel Watch, the Royal Automobile's (RAC) petrol and diesel price monitoring initiative, has said that fuel prices across the UK 'should fall' further.
Howard Cox, founder of FairFuelUK and Reform UK's parliamentary candidate for Dover and Deal, told MailOnline: 'Pump prices should come down by as much as 10p per litre. The excessive margins for petrol and especially diesel are obscene at around 25p to 30p per litre.
'Germany charges 15p per litre less than the UK for diesel, France is 10p lower, and Spain is a huge 30p less. These countries recognise that Diesel is the commercial heartbeat of their economies and tax drivers less than here in blighty.
'The bad news is that Labour will increase fuel duty and is set to fleece drivers with more anti-driver policies. Life under Keir Starmer will be painful for motorists.'
Yesterday Sir Keir Starmer announced plans to expand the windfall tax on oil and gas by a year to 2029 if he walks into 10 Downing Street after the general election.
The Labour manifesto sets out that this tactic will raise £8.3billion in taxes to finance their Great British Energy project to deliver 'power back to the British people'.
The plan has been praised by green groups, although a climate protestor heckled Starmer during his speech in Manchester yesterday.
But industry experts warned that it could leave the UK 'colder and poorer' as oil and gas operators in the North Sea face both falling prices and higher taxes.
While projected fuel prices will delight drivers, fossil fuel producers could face increased pressure as they are already being battered by high taxes.
Chris Wheaton, an analyst at Stifel, told The Telegraph that Labour’s tax plans would 'kill off the North Sea'.
Yesterday Sir Keir Starmer (pictured) announced plans to expand the windfall tax on oil and gas by a year to 2029
The party leader speaks during the launch of Labour's manifesto in Manchester
A member of the audience reads Labour's manifesto as it is launched at Co-op Headquarters
A protestor heckles Sir Keir Starmer during his speech
He said: 'There will be very little new investment and that means UK oil and gas output will decline very fast – much faster than demand.
'The UK will become increasingly dependent on other countries for more of its energy.'
But Labour's shadow energy secretary Ed Miliband said: 'Labour is offering the country the most ambitious climate and energy plan in British history – investing in our country through Great British Energy so we can cut energy bills for good, make our country energy secure, create good jobs and protect our home for our children and grandchildren by tackling the climate emergency.'
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