Petrol prices fall to lowest level in four years
Fuel prices in the UK fell in May with the petrol prices now at their lowest level in almost four years.
Data from RAC Fuel Watch revealed that the cost of a litre of petrol declined from 134p at the start of May to 132.3p by the close, while diesel dropped from 140.5p to 138.4p.
This means unleaded has come down by more than 7p since the end of February (139.65p) and diesel by 8p (146.5p), saving drivers around £4 a tank.
In Northern Ireland however, the average price of petrol is even lower at 126.5p, nearly 6p cheaper than the UK average, while diesel is 130.8p, nearly 8p cheaper than the average UK price.
Petrol prices
RAC head of policy Simon Williams said: “May was another good month at the pumps for drivers as petrol and diesel fell by 2p a litre, making for three straight months of falling prices.
“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. If it wasn’t for the fuel duty freeze, prices could well be much higher.”
He continued: “Although prices have been moving downwards for the last three months, our analysis of wholesale costs shows there’s still plenty of room for retailers to do more. With oil averaging £47.42 a barrel throughout May, we believe 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.”
