Petrol prices fall to lowest levels in over two years

18th Dec 2023

New data from the RAC has revealed that petrol prices at the pumps have fallen to their lowest average since October 2021.

A litre of unleaded petrol cost on average of £1.43 across the UK – with a further fall predicted for this week.

The Competition and Markets Authority (CMA) had recently warned drivers that they were not getting fair prices when at the forecourts.

In fact, drivers have suffered for a long time when paying for fuel across the country.

RAC fuel spokesman Simon Williams said: “Just as we head into one of the busiest times of the year on the roads, RAC data shows the average price of petrol has fallen to its lowest for more than two years. A litre of unleaded now costs 142.57p – a price last seen at the end of October 2021, and one that’s around 10p a litre less than this time last year.

“This is 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.”

Williams continued: “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.

“If wholesale prices are reflected more fairly at the pumps, we should see the average price of petrol drop below 140p in the next week.

“While diesel isn’t at similar low point – as it averaged of 6p less than its current 150.29p in August – it’s still down from last Christmas’ dizzying prices of around 175p a litre.”

In summer 2022 petrol peaked at a record of 191.5p (3 July) and diesel at 199.09p (25 June). All drivers – whether RAC members or not – can always make sure they’re filling up with the cheapest fuel by using the free myRAC app’s Fuel Finder function.