The RAC has advised drivers that the cost of petrol and diesel could soon fall to their lowest levels in three years.
The organisation highlighted that prices for the two fuels is currently falling at the fastest rate seen during 2024, with drivers saving around £4 each time they fill up in September compared to prices during August.
Simon Williams, Fuel Spokesperson for the RAC, highlighted that lower petrol and diesel prices could also have a significant benefit on inflation.
He explained: “It’s really encouraging to see pump prices coming down so rapidly, which we know is as good for drivers’ wallets as it is for keeping the headline level of inflation in check.
“Of course, global oil prices and even the strength of the pound can fluctuate widly and that’s something completely out of drivers’ control. But with the cost of filling up making a sizeable chunk of many households’ overall monthly spending, it makes sense to stretch every pound spent on fuel as far as possible.”
Using data from across the UK, the average cost of a litre of petrol stood at 136.15p on Thursday, September 19 2024, whilst diesel typically cost 141.26p per litre.
Both figures are around 5p less than they were on September 1 2024, helping motorists to save a considerable amount if they fill up regularly.
The RAC highlighted that the drop in prices is caused by the price of oil falling to $73 (£55) per barrel due to lower global demand and the pound being relatively strong on the global stage.
Simon hopes that the cost of petrol and diesel will continue to fall in the coming months, which could help drivers see the lowest fuel prices in three years.
He added: “Based on wholesale pump prices, which is what retailers pay to buy the fuel in the first place, we know there’s scope for further price cuts so we very much hope htat within the next few weeks we’ll see pump prices reach their lowest levels in three years.
“We continue to look forward to the new Government proceeding with its plans to introduce greater pump price transparency with the Pumpwatch scheme, along with an official monitoring function that can help ensure drivers are charged a fair price every time they fill up.”
The cost of fuel increased significantly in the weeks following Russia’s invasion of Ukraine, with petrol prices reaching a record level of 191.53p per litre in July 2022.
Whilst prices steadily fell in the following months, the Competition and Markets Authority (CMA) introduced the Pumpwatch scheme to make sure that retailers were passing on savings to customers.
Many motoring organisations, including the RAC, have also introduced price monitoring services to help drivers find the cheapest petrol and diesel prices in their area.
