Both petrol and diesel prices are dropping faster than at any other point in 2024 so far, new analysis shows.
Described as “good news for the drivers,” the fall in prices in September saw both fuels cost 7 pence cheaper than a month ago, according to figures from automotive services company RAC.
Motorists have seen the price of unleaded petrol fall from 141.26 pence to 136.15 pence, saving them nearly £4 for a complete fill-up. In diesel, the average prices dropped from 145.99 pence to 140.87 pence.
The RAC Fuel Watch analysis shows costs are at their lowest in almost three years.
“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,” RAC fuel spokesperson Simon Williams said in a statement.
The two biggest factors in determining the wholesale price are the recent fall in the price of oil—a relatively low oil price of $73 brought about by lower global demand—and the strengthening of the pound.
“Of course, global oil prices and even the strength of the pound can fluctuate wildly and that’s something completely out of drivers’ control. But with the cost of filling up making up a sizeable chunk of many households’ overall monthly spending it makes sense to stretch every pound spent on fuel as far as possible. Driving efficiently – for instance, with a ‘light right foot’ and by changing up to as high a gear as possible – is the best way to do this, along with paying less to fill up in the first place,” said Williams.
The RAC advised drivers to shop around for the lowest prices and said there was room for further price cuts. Its analysis found that motorists in Northern Ireland continue to get the best value, with pump prices cheaper than across the whole of the UK.
Under the scheme, fuel stations across the UK must legally share fuel prices with a government-appointed organisation to prevent overcharging with fuel retailers.
