Saudi Arabia and other OPEC+ oil producers are planning to cut oil output to around 1.16 million barrels per day, which Mr Dennis says we could see petrol prices "head up slightly".įor diesel, he says it remains "massively overpriced" across the country, despite wholesale prices being cheaper than unleaded. While the prices have been consistently falling, RAC spokesman Rod Dennis says petrol costs "might bottom out over the next few weeks". This means a typical 55-litre family car will now cost £78.84 to fill up.ĭiesel sits at 154.31p per litre, down from 161.06p in April, meaning the same sized car will set you back £84.87 for a full tank. The average price of a litre of unleaded is now 143.35p, down from 146.89p last month, according to the RAC Fuel Watch. "We'll do all we can to help customers through this crisis, and hope that the government will also continue to help those who need it most."įuel prices have fallen again after dipping below 145p last week for the first time in 18 months. "However, costs are still twice as high as they were pre-crisis," he added. Greg Jackson, Octopus founder, said the move guarantees falling global energy costs will be passed on to consumers. The news comes after regulator Ofgem announced a drop in the energy price cap on household bills from July. Over £170,000 worth of these earnings were donated by customers to Octopus' hardship fund for struggling families, it said. Nearly 700,000 smart meter customers took part, with £5.3m paid to participants over the duration of the scheme. Octopus said the scheme shifted 1.86GWh (gigawatt hours) of energy demand across 13 sessions - the equivalent of stopping two million washing machine runs. The initiative rewarded customers for every unit of energy saved during peak periods. The company is planning to bring back its Saving Sessions scheme which saw households switch lightbulbs for candles during the 2022-23 winter to save money on their energy bills. Smart meter customers with Octopus Energy are set to make savings by cutting back on their electricity use again this winter. It's important to remember the energy price cap does not set the maximum a household will pay for their energy but limits the amount providers can charge them per unit of gas or electricity, so those who use more energy will pay more. However, for those travelling beyond the range of their vehicle and rely on rapid and ultra-rapid chargers, the cost is much higher, RAC spokesman Rod Dennis said.Ī 20% VAT is applied to these charge points - which is 15% more than the VAT applied to domestic electricity. Those on EV-specific electricity tariffs who benefit from cheap off-peak rates will continue to enjoy even better value. Well the £1,206 reduction from £3,280 to £2,074 will be positive news for drivers of electric vehicles, as it means anyone on a standard domestic energy tariff will pay less than £20 to fully charge a typical family sized car from home. So what will it mean for electric car owners, who arguably use a lot more electricity. It will mean the average household in England, Wales and Scotland, will see bills fall by £426. As we've been reporting, a reduction to the energy price cap has been announced today and will come into force from 1 July.
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