Diesel prices come back down

22/10/2008

Petrol and diesel prices are falling at a faster rate than the rapid rise seen during the summer, it has emerged.

According to the AA, DERV and petrol prices are coming down in line with the dramatic fall in crude oil rates, which fell to $67 (£41) per barrel last week.

Spot prices at stations across the UK for DERV were said to average 106.4p per litre, a fall of 6.5p since last month.

"Overseas prices have also fallen. The UK has the eighth highest unleaded price in Europe and the second highest diesel price," the group explained.

The news may well be welcomed by motorists, who saw diesel prices reach record levels over the course of the summer.

Suppliers had pushed rates up in response to the soaring price of crude oil, which reached $147 per barrel on July 11th.

In the US and elsewhere, oil prices have fallen as statistics show that the global financial crisis and wider economic downturn is causing demand to drop off, as people look to limit expenditure.