Fuel prices are easing gradually across the Island

The latest data on Prices.je shows that the prices of both unleaded petrol and diesel are beginning to fall slightly at some forecourts across the Island. While these reductions are modest, they indicate a gradual downward trend in some locations – a trend that will be welcomed by Islanders who rely on their vehicles every day.

As always, however, prices are not consistent across all garages, and the differences between forecourts remain notable. We would therefore continue to encourage consumers to shop around and make use of our Prices.je website to identify the most competitive prices available.

Fuel prices are influenced by a range of international factors, including global turbulence, oil markets and supply costs, meaning changes at the pump are often incremental rather than immediate. The recent easing reflects the easing of tensions in the Middle East.

Islanders may also notice that fuel prices tend to increase more quickly than they fall. This is a well-documented economic pattern, often described as the ‘rockets and feathers’ effect. When wholesale prices rise, retailers typically pass these increases on swiftly. In contrast, when wholesale costs fall, reductions at the pump tend to happen more gradually. This is partly due to consumer behaviour, as drivers are more likely to actively compare prices when costs are rising than when they are falling, according to research.

Last month, Deputy Lucy Stephenson lodged a proposition calling for a 10p cut in the excise duty payable on a litre of fuel. If agreed by States Members at their first regular meeting in mid-July, the cut would be introduced on 1 October for a period of three months.

In the meantime, we will continue to monitor prices closely, surveying the pumps weekly, and providing up-to-date information on Prices.je to help Islanders make informed choices and secure the best value.

For the latest prices, visit Prices.je.