Fuel prices in Manchester: This is when the AA expects cost of petrol and diesel to tumble
The price of petrol and diesel soured to a 40-year high in Manchester earlier in 2022, though experts are expecting the costs to finally plummet and become more affordable.
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Manchester and the rest of the UK have been crippled by the ongoing cost of living crisis that has hit people hard all year.
Energy prices have risen to hard-hitting prices, an average weekly grocery shop has been impacted by rising inflation, as well as other facets of society that have been bearing the brunt of rising costs too.
One of the most debilitating is that of the rising cost of fuel, which hit a 40-year high as petrol cost Mancunians as much as 191.53p a litre, with diesel once priced as high as 197.3p.
Good news is that experts are expecting the cost of fuel to finally fall down to far more affordable levels, but when is this expected to take place in Manchester? How much will the price change? Here is everything you need to know.
Why has fuel been so expensive in Manchester?
At the peak of the fuel crisis in the UK, a majority of the population believed that Russia and Vladimir Putin’s invasion of Ukraine was the reason behind the astronomical prices - however, this is not the case.
The main reason behind the drastic increase is down to the price of crude oil, which is a resource used to create petrol and diesel.
Amidst the Covid-19 pandemic, the cost of crude oil reached an all time low as the demand for energy collapsed.
However, as life slowly returned to normal, as did the demand for crude oil which suppliers have since struggled to keep up with.
Partnered with the fact that crude oil is paid for using US currency the dollar - with the British pound currency weak in comparison - this has led to the price of fuel rising to expensive prices at forecourts throughout the UK.
What makes up the price of petrol and diesel?
A lot of different things make up the final price of a litre of petrol or diesel in Manchester, whether it be fuel duty, retailer profit and much more.
Here is what makes up the final price of a litre of fuel in Liverpool:
- 45-percent: Cost of petrol or diesel to the supplier
- 29-percent: Fuel duty
- 17-percent: VAT
- 7-percent: Cost of biofuel content
- 2-percent: Profit for the retailer
- 1-percent: The supply and delivery of the fuel
Will the price of petrol and diesel fall in Manchester?
Much to the benefit of Mancunian bank accounts, the price of fuel in Manchester is expected to become much more affordable imminently.
This is according to motoring group AA, who have 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.
When will the cost of fuel come down?
The AA are predicting prices of petrol and diesel to plumett in Manchester over the course of the next two weeks.
A price decrease of at least 20p has been predicted for Manchester residents at the pump.
Where are the cheapest fuel stations to buy fuel in Manchester?
With the cost of living crisis crippling families not just in the North West but throughout the United Kingdom, ManchesterWorld has been updating a list of the cheapest filling stations in the city to buy petrol and diesel on a daily basis.
At the time of publication, the lowest price within a 5-mile radius of the city centre is 175.9p for a litre of petrol and 186.7p for a litre of diesel.
For more information, please take a look at the article.