BigPicture

BIG PICTURE

Prices at the pumps fall to lowest level for three years

Image: Getty

WHAT?

Petrol prices have fallen to their lowest level for three years, with the average price of a litre of unleaded costing about £1.35, says the RAC. The figure is considerably lower than in July 2022, when petrol prices hit a record high of almost £1.92 a litre when oil prices surged following Russia’s invasion of Ukraine.

WHY?

Lower global oil prices and a stronger pound were the main reasons prices had fallen, the motoring group said.

HOW?

There is scope for the prices to come down further, the RAC added, to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks.

Icon of a petrol pump

£1.26

The price customers could end up paying per litre of unleaded when the lower wholesale costs feed through.

Source: RAC

Icon of a petrol pump

£1.41

The average price of diesel per litre, which is also close to a three-year low.

Source: Competition and Markets Authority

Icon of an oil barrel with a drop with a pound sign in it

$75

The cost of oil per barrel, due to lower global demand.

Source: RAC

The Association of Accounting Technicians. 30 Churchill Place, London E14 5RE Registered charity no.1050724. A company limited by guarantee (No. 1518983).

Back to the top
Back to the contents
Back to section