Petrol prices at four-year low

Fuel prices have fallen for three consecutive months – meaning pump prices are now the lowest in almost four years.
RAC Fuel Watch data shows petrol is the cheapest since July 2021, while diesel is now as cheap as it was in September 2021.
The average price of a litre of petrol fell from 134p at the start of May to 132.2p by the end. Diesel prices fell from 140.5p to 138.4p.
The price cuts mean filling the average 55-litre tank of petrol or diesel is £1 cheaper than at the start of May.
What’s more, the ongoing price cuts mean drivers are now saving around £4 a tank since the end of February.
Fuel is even cheaper at supermarkets, averaging 129p a litre for petrol and 135p for diesel – both 3p a litre lower than the UK averages.
A Sainsbury’s store in Huddersfield has among the lowest pump prices, charging just 121.9p a litre for petrol.
Another Sainsbury’s store in Belfast has the cheapest diesel, at 126.9p a litre. Drivers filling up at both stores would save almost £6 per tankful compared to the UK average.
"While this takes us back to prices last seen almost four years ago, it’s worth remembering that prices are lower today because the 5p duty cut, first introduced in March 2022, is still being applied," says RAC head of policy Simon Williams.
"If it wasn’t for the fuel duty freeze, prices could well be much higher."
Williams adds that there’s still room for price cuts with current fuel prices. With oil averaging $64 a barrel throughout May, he says the average price of petrol ought to be under 130p and diesel under 134p.
"Hopefully retailers will continue to reduce their prices, so we see four months of falling costs at the pumps at the end of June."
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