Petrol and diesel prices are dropping at their fastest rate this year, relieving motorists as electric vehicle adoption falters.
According to the RAC, both fuels are nearly 7p cheaper than a month ago. The average price of unleaded petrol fell to 136.15p, saving drivers nearly £4 per tank. Diesel has also declined to an average of 140.87p, marking the lowest fuel prices in almost three years.
The last significant price drop occurred between November and December of last year. The RAC predicts petrol prices could fall to 132p and diesel to 138p within the next two weeks.
RAC fuel spokesperson Simon Williams said, “It’s encouraging to see pump prices coming down so quickly, which benefits drivers’ wallets and helps keep inflation in check. However, global oil prices and currency fluctuations are factors beyond motorists’ control.”
Williams added, “Wholesale prices suggest there is room for further reductions, so we hope to see pump prices hit their lowest levels in three years soon.”
These price drops come as recent data shows a decline in the uptake of electric vehicles. The Brussels-based car industry body ACEA reported that fully electric vehicles accounted for just 12.5% of new car registrations in the EU from January to July, falling short of the level needed to meet new CO2 targets set to take effect in 2025.
