Petrol prices have fallen to lowest level at the pumps on average for more than two years, the RAC has said.
A litre of unleaded costs about £1.43 on average, a price which was last seen at UK forecourts in October 2021.
A fall in wholesale fuel costs has resulted in lower pump prices, the RAC said, adding that petrol could fall below £1.40 in the next week.
A fall in wholesale fuel costs has resulted in lower pump prices, the RAC said, adding that petrol could fall below £1.40 in the next week.
The Competition and Markets Authority (CMA) said last month that retail prices for petrol and diesel had not fallen in step with wholesale costs, adding that there was “cause for concern” competition in the fuel market was not working.
The RAC, which has criticised supermarkets and petrol retailers over pricing, said petrol falling to £1.43 on average – about 10p cheaper than this time last year – was “good news for drivers, especially as prices should continue to come down in the run-up to Christmas due to the wholesale price being significantly lower”.
“While the biggest retailers haven’t announced any headline-grabbing big cuts, prices are falling steadily every day which is encouraging. We just have to hope this continues in the coming days,” said Simon Williams, the motoring group’s fuel spokesman.
He added while diesel was not as lower at around £1.50 on average, it was “still down from last Christmas’ dizzying prices of around £1.75 a litre”.
Petrol prices have fallen to lowest level at the pumps on average for more than two years, the RAC has said.
A fall in wholesale fuel costs has resulted in lower pump prices, the RAC said, adding that petrol could fall below £1.40 in the next week.
A litre of unleaded costs about £1.43 on average, a price which was last seen at UK forecourts in October 2021.
The Competition and Markets Authority (CMA) said last month that retail prices for petrol and diesel had not fallen in step with wholesale costs, adding that there was “cause for concern” competition in the fuel market was not working.
A fall in wholesale fuel costs has resulted in lower pump prices, the RAC said, adding that petrol could fall below £1.40 in the next week.
A fall in wholesale fuel costs has resulted in lower pump prices, the RAC said, adding that petrol could fall below £1.40 in the next week.
The Competition and Markets Authority (CMA) said last month that retail prices for petrol and diesel had not fallen in step with wholesale costs, adding that there was “cause for concern” competition in the fuel market was not working.
The RAC, which has criticised supermarkets and petrol retailers over pricing, said petrol falling to £1.43 on average – about 10p cheaper than this time last year – was “good news for drivers, especially as prices should continue to come down in the run-up to Christmas due to the wholesale price being significantly lower”.
“While the biggest retailers haven’t announced any headline-grabbing big cuts, prices are falling steadily every day which is encouraging. We just have to hope this continues in the coming days,” said Simon Williams, the motoring group’s fuel spokesman.
He added while diesel was not as lower at around £1.50 on average, it was “still down from last Christmas’ dizzying prices of around £1.75 a litre”.
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