Petrol prices have hit their lowest level for the first time in 18 months.
According to RAC analysis, the average price of a litre of fuel at forecourts has dropped to 144.95p - its lowest since November 2021. Diesel has also reached its cheapest average price since February last year at 154.31p per litre.
Fuel prices reached record highs of roughly 192 per litre for petrol and 199p per litre for diesel in July 2022. The main driving factor was Russia's invasion of Ukraine, which resulted in increased costs of oil.
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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. On average, 2022 supermarket pump prices appeared to be around 5p per litre more expensive than they would have been had their average percentage margins remained at 2019 levels.
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