Posted: Thu 3rd Oct 2024

Fuel prices fell by an average of 6.5p per litre, RAC data shows

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Thursday, Oct 3rd, 2024

UK drivers enjoyed a welcome drop in fuel prices in September, with the cost of petrol and diesel falling by an average of 6.5p per litre, according to the latest data from RAC Fuel Watch.

This marks the ninth-largest monthly decrease in fuel prices since 2000.

A litre of unleaded petrol fell from 141.26p at the start of September to 134.79p by the end of the month, while diesel prices dropped from 146p to 139.5p.

This reduction means drivers are saving approximately £3.60 every time they fill up an average 55-litre family car. A full tank of petrol now costs £74, and a tank of diesel just under £77.

The price drop has been driven by a continued decline in oil prices, with the cost of a barrel falling from $78 at the start of September to $72 by the end of the month, down from nearly $90 in early July.

A slightly stronger pound has also contributed, as fuel traded in dollars becomes cheaper for UK retailers.

Since May, petrol prices have tumbled by 15.5p per litre, equivalent to an £8.50 saving on a full tank, while diesel has seen an even steeper drop of 18.5p, saving drivers £10 on a full fill-up.

Simon Williams, head of policy at RAC, said, “Drivers will be very pleased to see prices at the pump not only continuing to fall but dropping by 6.5p in just a month. This translates to saving £3.60 on a full tank. The reductions have primarily been driven by a drop in the price of oil, supported by a slightly stronger pound.”

The RAC predicts that fuel prices could drop even further in the coming weeks, with potential reductions of up to 4p per litre as retailers pass on savings.

Currently, drivers who fill up at one of the big four supermarkets—Tesco, Asda, Sainsbury’s, and Morrisons—are saving 3p per litre compared to the UK average, with petrol priced at 131.86p and diesel at 136.47p.

With global oil prices remaining low and production increases expected, the outlook for further savings at the pump remains strong.

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