The RAC has praised petrol retailers for passing on savings on lower wholesale fuel prices to their customers, and predicted prices could fall to their lowest level for over a year in the next two weeks.
Average unleaded petrol prices have fallen by more than 5 pence per litre (ppl) since the middle of September, with diesel falling 3.5ppl over the same period.
RAC head of external affairs Pete Williams said: “Fuel retailers have clearly demonstrated the transparency of their operations by cutting more off a litre of fuel than many people will be able to remember. As well as saving people hard-earned cash at the pumps, this level of transparency has no doubt created a lot of goodwill with their customers.
“Motorists often complain that prices seem to go up far faster than they come down, but this autumn is proof that this is not necessarily the case.”
The wholesale price of unleaded petrol has now reached its lowest point since the first week of December 2012, although the fall in diesel has not been so great, and the RAC said the two-week pricing forecast is for a reduction of almost 4p in petrol and nearly 2p in diesel which would mean average prices of around 129p and 137p respectively – taking prices below previous lows for the last year.
The RAC added that it was confident fuel retailers would continue to pass on reductions in the wholesale price of petrol and diesel to further ease pressure at the pumps for motorists.