Petrol prices have dropped to a three-year low, with some forecourts selling petrol for less than £1.30 a litre. This decrease is attributed to a drop in oil prices and the strength of the pound. Locally, the ASDA garage in Cardiff Bay is selling unleaded for 129.7p and diesel for 133.7p on Wednesday, September 25.
According to the RAC, the average price of a litre of fuel at UK forecourts on Tuesday stood at 135.7p, a significant decrease from the record high of 191.5p in summer 2022. The RAC spokesperson, Simon Williams, expressed optimism about the drop in prices, stating, “To see pump prices drop to this level is really positive news for households and the wider economy.”
Williams added, “Depending on where drivers fill up, they can be paying as little as £1.26 for a litre of unleaded, making the cost of refuelling a typical family car come in at under £70. A relatively low oil price and a strong pound are contributing to the falling pump prices.” He also hinted at the possibility of further price reductions in the coming weeks to align with lower wholesale fuel costs.
This decline in petrol prices comes as a relief to many consumers who have felt the pinch of high fuel costs in recent years. With the current trend, motorists can expect to save more at the pumps, providing some reprieve amidst economic uncertainties.
As the market continues to adjust, drivers are encouraged to keep an eye on fuel prices and take advantage of the decreasing costs to minimise their expenses on essential travel. Keep up to date with the latest developments in fuel prices to make informed decisions on refuelling and budgeting.