Hard-pressed motorists are being offered a glimmer of hope by economists who are predicting petrol prices will soon start to tumble. A widely-respected economic group has said in the coming months costs will fall by 8p a litre.
The optimistic prediction was made today (Monday, April 4) by the Centre for Economics and Business Research (CEBR). But don’t celebrate too much – it will be a long time before prices are back to their 2021 level, the boffins say.
The CEBR say pump prices will start to fall as the demand for oil drops. This is due to two factors: the direct impact of higher prices and also the impact of weaker GDP growth. Middle East producers are also likely to increase supply – which will lower prices.
Pressure group, FairFuelUK, has welcomed the news. Its founder, Howard Cox, said: “At last, some light at the end of the tunnel for motorists and hauliers. These predicted level of price falls in diesel and petrol at the pumps by the CEBR, will make a huge difference to drivers and the economy.
“But before we all get excited, will the CEBR’s welcome prediction be passed on in full at the pumps? Or will it be swallowed up in the inevitable fuel supply chain, keeping their profits high?”
Before all this happens, prices at the pumps remain high, causing drivers’ hearts to sink when they drive onto the forecourt. Comparision website PetrolPrices.com latest round-up shows that if you shop around, you can save money.