County Durham garage hailed 'best in region' after unveiling 129.7p petrol
A County Durham petrol station has once again been hailed as one of the best across the region after it dropped its prices to 129.7p.
GW Holmes & Son, an independent garage at Etherley Moor, Bishop Auckland, is currently offering some of the lowest fuel prices in County Durham, according to online site Petrol Prices.
Recent price adjustments set rates at 129.7p per litre for unleaded, 137.7p for diesel, and 138.9p for super unleaded.
These figures are notably lower than the UK national averages, which stand at 139p for petrol and 146p for diesel, according to data from the RAC.
The fuel price drop comes as analysts predict broader reductions across the UK due to declining wholesale costs.
The RAC has reported that crude oil prices have fallen from over $80 per barrel in mid-January to below $70, a shift that is expected to lead to lower prices at the pump.
However, the extent to which these savings will be passed on by retailers remains uncertain.
Simon Williams, head of policy at the RAC, said: 'Drivers have had to endure five months of rising prices, so it's good news wholesale prices have fallen significantly. We expect retailers to start cutting prices this week.'
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Despite the anticipated reductions, the Competition and Markets Authority (CMA) has previously raised concerns about fuel retailers maintaining higher margins.
Their findings indicate that UK drivers paid £900 million more for fuel at supermarkets in 2022 due to pricing strategies, with the total additional costs across all retailers reaching £1.6 billion in 2023.
For now, GW Holmes remains one of the few locations in the region offering petrol and diesel prices significantly below the national average.
Whether other retailers will follow suit in response to falling wholesale costs remains to be seen.
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