Petrol and diesel prices are likely to continue falling into 2025, according to fleet fuel card provider Allstar.
The company – which has just released its latest AllCosts report based on data from millions of transactions throughout its network – says the biggest factor behind the trend has been the fall in the price of Brent Crude, which peaked following Russia’s invasion of Ukraine in 2022. It also cites the US Energy Information Administration, a federal statistical agency, which predicts stable fuel prices for the rest of the year.
The AllCosts report says that pump prices fell sharply in the first quarter of this year – with petrol down 7.26p to an average 143.34p and diesel by 6.1p to 158.5p compared with the final three months of 2023 – and have remained stable since.
“The prices of both petrol and diesel have been slowly falling and are expected to remain steady for the rest of the year as supply and demand balance each other out, meaning those behind the wheel can breathe a sigh of relief,” says Paul Holland, managing director UK/ANZ fleet at Corpay, which includes the UK brand Allstar.
However, he warns that “no crystal ball could have predicted some of the shock geopolitical events the world has seen” and that forecourt prices “will fluctuate again if there is another surprise on the horizon”.
Allstar also finds that fleets were leading the way in electric vehicle adoption in the first three months of this year – the period the report is based on – with use of public chargers by its customers increasing by 264% compared with the first quarter of 2023. The number of occasions EV drivers used home charging increased by 113% over the same timescale.
