Fuel prices slowly falling in the UK as recession fears outweigh 'war premium'
World oil prices are falling, due to fears that tough economic times ahead could result in weaker demand.
Petrol and diesel prices are slowly but steadily falling in the UK, latest figures show.
The average price for a litre of unleaded on Saturday, the latest figure available, was 177.46p, according to the RAC, while diesel cost an average of 188.23p.
On Thursday, the prices had been 178.93p and 189.3p respectively.
It comes as world oil prices fall, something analysts said was due to fears that tough economic times ahead could see a weakening in demand.
"Gains triggered by the invasion of Ukraine have now been cancelled out, as rising interest rates and the subsequent cooling this is expected to have on global economies, outweigh previous questions about a lack of supply caused by the conflict."
Brent crude, the international benchmark, had shot up to more than $124 a barrel after the European Union announced in May that it would ban most oil imports from Russia as part of its sanctions package following the invasion.
UK wholesale prices had risen because of the wider scramble to secure more stocks, resulting in a litre of petrol hitting an average of 191.43p and diesel 199.07p at the beginning of July.
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