Average petrol prices have fallen below 145p per litre for the first time in 18 months. RAC analysis shows the average price of a litre of the fuel at UK forecourts has dropped to 144.95p.
Prices have not been that low since November 2021. Diesel has reached its cheapest average price since February last year at 154.31p per litre. Fuel prices reached record highs of around 192p per litre for petrol and 199p per litre for diesel in July 2022, largely due to Russia’s invasion of Ukraine leading to an increase in the cost of oil.
RAC fuel spokesman Simon Williams said: “Seeing the price of unleaded fall back under 145p a litre for the first time in 18 months is good news for the country’s 19 million petrol car drivers. This means it’s now nearly £26 cheaper to fill up a family-sized petrol car this summer compared with last year. While it’s good news diesel has also dropped below 155p a litre, drivers of the UK’s 12 million diesel cars – and countless businesses who rely it to fuel their vehicles – should be paying 20p a litre less as its wholesale price is now 4p lower than petrol’s.”
On Monday, competition watchdog the Competition and Markets Authority said evidence indicated that fuel margins had increased in particular for supermarkets over the past four years, with average 2022 supermarket pump prices appearing to be around 5p per litre more expensive than they would have been had their average percentage margins remained at 2019 levels.