Fuel prices are easing with quotes for 1,000 litres of red diesel down by £25 to £35 this week to approximately £565 to £577, inclusive of VAT.

Excluding VAT, this puts diesel on a price range of £536 to £548, or 53.6p to 54.8p/l.

At the start of the year, the same volume of diesel was closer to £600.

Fuel prices increased during late December as crude oil prices spiked on the back of political tensions between the USA and Iran.

However, since then, lower demand has seen crude oil prices dropping over the past month from US $65/barrel to just over $57 earlier this week.

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