Petrol prices falling at fastest rate in 2024
Mon, 30 Sept 2024
Fuel prices are now almost 7p cheaper than they were a month ago and are falling at the fastest rate in 2024.
The average for a litre of unleaded is now 136.1p, down from 141.2p last month. This will save motorists nearly £4 for the average tank fill-up.
Diesel prices are also down nearly 7p, from 147.7p last month to an average of 140.8p now.
These reductions mean both petrol and diesel are at their cheapest point in almost three years.
If prices continue to drop, the RAC is predicting petrol could reach 132p a litre, and diesel could hit 138p a litre within the next few weeks. This would take them down to the lowest price since July and September 2021 respectively.
Interestingly, the cheapest fuel in the UK continues to be in Northern Ireland. Prices there are up to 6p a litre cheaper than the average across the rest of the UK.
So why are fuel prices falling now? The RAC says it is a combination of a relatively low oil price of $73 a barrel, and a stronger pound – with fuel traded in US dollars, fuel retailers get more ‘bang for their buck’ when buying it.
Despite the falls, RAC fuel spokesperson Simon Williams is continuing to push for greater transparency around fuel prices.
"We continue to look forward to the new government proceeding with its plans to introduce greater fuel price transparency with the Pumpwatch scheme, along with an official monitoring function that can help ensure drivers are charged a fair price every time they fill up."
