Petrol prices have fallen to their lowest level in 18 months, as it slips under 145p a litre.
Motorists have faced steep prices at the pumps for an extended period, but prices have continued to fall in recent weeks, with the average cost for a litre of unleaded now standing at 144.95p a litre, as of May 14. It’s the lowest figure recorded since November 3, 2021, according to the RAC.
It means the average price for filling a typical 55-litre petrol family car is now £79.72 – a steep £25.60 saving on when prices reached their peak on July 3, 2022, when a litre of unleaded cost 191.5p.
The price of diesel has also continued to fall, with an average of 154.31p a litre recorded on Sunday. It’s the lowest figure since the end of February 2022, and a sharp fall on the all-time high of 199.09p a litre seen on June 25 last year. The average price to fill a 55-litre diesel car is now £84.87.
Despite that, the RAC has said that drivers ‘should be paying 20p a litre less’ for diesel. That’s because the wholesale price for diesel is currently 4p less per litre than petrol.
The RAC gives the example of an independent retailer in Shropshire, which is currently charging 131.9p a litre for diesel – 22p less than the UK average.
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 19m petrol car drivers.
“While it’s good news diesel has also dropped below 155p a litre for the first time since the end of February last year, drivers of the UK’s 12m diesel cars and countless businesses who rely on it to fuel their vehicles, should be paying 20p a litre less as its wholesale price is now 4p lower than petrol’s.”
It follows yesterday’s announcement from the Competition and Markets Authority (CMA) that it was investigating supermarkets to see if they had been overcharging customers for fuel by increasing their margins.