RAC Report on Motoring 2016

RAC Report on Motoring 2016

1.0 What’s on motorists’ minds?

1.1 The cost of motoring Ongoing global economic uncertainty coupled with oversupply from oil- producing nations has led to much lower oil prices and the cost of fuel in the UK fell accordingly, reaching low prices not seen for seven years. At the start of 2016, the price of a barrel of crude dipped below $30 – its lowest level for 12 years and less than half of what it was just six months earlier – and pump prices in Britain followed 3 . RAC Fuel Watch data shows that the average price of a litre of unleaded in January 2016 was just over 102p while diesel was down to 101p – and

many forecourts were selling both for less than £1 a litre. By way of comparison, in June and July 2015, petrol averaged more than 115p a litre and diesel more than 120p 4 . It is hardly surprising therefore that the price of fuel has become far less of a concern for UK road users this year: just 7% of those questioned say the price of filling up is their top motoring concern, down from 10% in 2015. Less than a quarter – 24% – named expenditure on fuel as one of their four most pressing concerns in 2016, down slightly from the 26% 12 months ago.

120

110

100

Average fuel cost pence/litre

90

August 2015

September 2015

October 2015

November 2015

December 2015

January 2016

February 2016

3. RAC Fuel Watch 4. www.rac.co.uk/press-centre#/blog_posts/average-uk-wholesale-and-pump-fuel-prices-since-january-2015-42326 5. www.ons.gov.uk 14