Drivers around the UK are finally benefitting from cheaper petrol and diesel costs following months of expensive costs at filling stations.
New data from RAC Fuel Watch has found that the average price of petrol has fallen to its lowest for more than two years.
The UK average price of unleaded petrol has dropped to 142.57p per litre, with expectations that prices will fall further.
Petrol prices have not been that low since the end of October 2021, and around 10p per litre less than December last year.
Prices have dropped to their lowest level in more than two years
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Historically, prices at supermarkets are between two and five pence cheaper, with drivers currently paying an average of 139.12p.
As is normally the case, the average cost of unleaded at motorways is much higher, with the current price – 167.05p – almost 30p more expensive than supermarkets.
Diesel drivers are still dealing with higher costs, although they are not as brutal as they previously had been.
The UK average sits at just over 150p per litre, while supermarkets are charging 147.23p and 176.3p at motorway service stations.
Simon Williams, fuel spokesperson for the RAC, said drivers would benefit massively from the new price drops after months of pain at the pumps.
He said: "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.
“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,” he added.
The prices are a far cry from the record-breaking prices seen in the summer last year, when drivers were paying almost £1.92 for petrol and £2 for diesel.
Major factors were having a huge impact on the price of fuel at the time, with the Russian invasion of Ukraine and the global cost of oil affecting pump costs.
Simon Williams continued, saying: “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 a similar low point – as it averaged 6p less than its current 150.29p in August – it’s still down from last Christmas’ dizzying prices of around 175p a litre.”
In November, the Government announced that major fuel retailers would be forced to report how much they are charging drivers on their forecourts compared to their profits.
The Competition and Markets Authority (CMA) said it would be closely monitoring fuel prices and report any signs of malpractice to the Government.
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Fuel prices peaked and broke records last summer
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Retailers were warned that they could face a fixed fine for not complying with the rules, including a fine of one per cent of their worldwide turnover, or an ongoing fine of up to five per cent of daily turnover.