Fuel prices 5p lower in Northern Ireland

The RAC’s August Fuel Watch report has found that petrol prices in Northern Ireland were 5p per litre lower than the UK average in August, while diesel was 7p per litre cheaper.

In Northern Ireland, the average petrol price was 127.9p per litre in August. Diesel cost 134.5p per litre.

Costco stations in Northern Ireland charged 125.9p per litre for petrol and 133.7p per litre for diesel, but require a membership.

After two months of rising pump prices, the RAC reported that the average cost of petrol nationwide for the UK was down by 0.39p per litre in August, while diesel was down 0.72p per litre.

On average a litre of petrol cost 134.64p and a litre of diesel cost 142.2p.

Supermarket fuel prices saw similar decreases in August, with petrol prices down by 0.72p to 131.26p per litre, while diesel prices were down 0.3p to 138.81p.

The Competition and Markets Authority (CMA) in the UK has criticised the ‘weak’ competition in the fuel retail market and its high margins.

Simon Williams, head of policy at the RAC, said: “While it’s good news that two months of rising fuel prices have come to an end, it’s disappointing that high retailer margins are preventing drivers from benefitting from lower prices.

“The Competition and Markets Authority’s latest report confirms that retailer margins are far higher than they were historically, and that competition remains weak.

“Our analysis of pricing data confirms the latter, with just a handful of forecourts appearing to compete heavily on price, with the exception of those in Northern Ireland where drivers enjoy far cheaper fill-ups than in any other corner of the UK.