Petrol and diesel price down since end of May peak – RAC

Petrol prices have dropped to nearly 2p per litre since peaking on 28th May, with diesel reducing by 11p since 15th April.

Simon Williams, head of policy at RAC, said: “Fuel prices continue to fall on the back of oil being under $100 for the last nine trading days.

“The average price of petrol has dropped nearly 2p a litre (1.6p) to 157.93p since peaking on 28 May at 159.53p.

“The diesel story is even better with the average price reducing by 11p (10.62p) to 180.92p since 15 April (191.54p), its lowest since the end of March but still 39p higher than when the war started.”

He added that on the back of an analysis of the wholesale market data by the RAC, it showed that the price of fuel should continue to fall.

Williams said: “Unleaded ought to come down by another 4p at least while diesel should drop even further, by possibly as much as 8p.”

He emphasised that the Competition and Markets Authority (CMA) is monitoring how quickly pump prices fall now that wholesale oil prices are dropping, meaning it is a crucial period for fuel retailers.

Williams said: “Its latest report showed retailers hadn’t altered their pricing strategies when the price of oil shot up, but it did note margins were still at historically high levels.