The weakening dollar, Covid restrictions in China and falling oil prices have caused the price of petrol to plummet.
According to the AA’s July record, drivers are now paying an average of 160p per litre, which is down over 30p.
Diesel vehicle drivers have not seen the benefit of falling Brent crude oil prices, which fell to around 184p.
Prices were at their lowest point since March 9, 2009, when a litre of petrol cost just 159p and diesel at 168p.
The oil prices rose in the months following Russia’s invasion of Ukraine on February 24, when the average litre of petrol cost £191.53 in July.
Oil prices have dropped from over $98 per barrel in November to $85 this week. This has resulted in a drop of more than 15p per litre in wholesale petrol and diesel costs.
This resulted in petrol averaged at 159.88p per litre on Wednesday. That’s down 31.65p from July’s record of 191.53p per litre.
Diesel dropped to an average pump price of 183.87p per litre, which is down 15.20p from July’s record price of 199.07p per litre. Diesel motorists are frustrated by the 24p per litre price gap.
