Cost of petrol and diesel falls

Data from the latest RAC Fuel Watch report shows that the average price of petrol in May fell by almost 2p-per-litre, while the cost of diesel falling even further at 2.5p-per-litre.

The reduction in the cost of petrol means that the driver of an average family car - like the Ford Focus- with a 55-litre tank can now fill up for £1 less than in April. It's even better news for diesel, which can now fill up for an average of £1.40 less than earlier in the year.

The South of England is home to the most expensive fuel in the UK - with unleaded at 117.25p-per-litre and diesel at 118.43p-per-litre. The East of England enjoyed the greatest reduction in the cost of diesel, with the average price dropping 2.68p-per-litre to 118.14p-per-litre, despite having the second most expensive fuel in the country.

However, there is ambiguity surrounding the future of the price of fuel with the current political climate. It remains to be seen what will happen to the strength of the sterling after the General Election and Brexit negotiations with the EU.

Simon Williams, RAC fuel spokesman, said: "It’s very difficult to know which way they will head next although current indications are for prices to come down, especially for diesel which is still overpriced on many forecourts."

Although the wholesale cost of oil stayed roughly the same throughout the month, averaging at $49.89, it recorded a low of $46.93 early on and a high of $53.54 nearing the end of the month. The price drop was also spurred on by the currently stable sterling, which is important because fuel is traded in dollars.