Petrol prices in the UK have recently dropped to their lowest level since October 2021, offering some relief to motorists. According to RAC Fuel Watch data, the average price of a litre of unleaded petrol is now 142.57p. This marks a significant decrease from the prices seen during the same period last year, which were approximately 10p higher. This decline in petrol prices is particularly noteworthy as it comes just before the Christmas season, a time when many people are on the roads.
Simon Williams, a spokesman for RAC, highlighted that the drop in prices is good news for drivers, especially as the trend suggests a continuous decline in the run-up to Christmas. This is attributed to the significantly lower wholesale prices. However, while major retailers haven’t announced major price cuts, the prices have been steadily falling, which is a positive sign. Williams also mentioned that if the wholesale prices are fairly reflected at the pumps, the average price of petrol could fall below 140p in the following week.
Despite the decrease in petrol prices, diesel has not seen a similar reduction. Although the current price of diesel, at 150.29p per litre, is lower than last Christmas’s prices of around 175p a litre, it’s still not at its lowest point compared to petrol.
Overall, this decrease in petrol prices is seen as a welcome development for drivers and is expected to continue in the near term, driven by lower wholesale costs.