The price of a litre of petrol has dropped to its lowest level in three years, according to industry data, due to decreasing global oil demand.
On Tuesday, the average price of unleaded fuel fell to 135.7p, lower than the 135.87p recorded on the same date in 2021, as reported by the RAC.
Fuel spokesman Simon Williams commented, “The decline in pump prices is great news for households that rely on their vehicles and for the broader economy, as there is a clear connection between fuel costs and overall inflation.”
Drivers can find unleaded petrol for as low as £1.26 per litre, allowing typical family car refuels to cost under £70.
This drop in prices is attributed to relatively low oil prices driven by global demand and a stronger pound. Fortunately, we have moved far from the record highs of July 2022, when unleaded fuel averaged £1.92 per litre.
We believe there is potential for further price reductions in the coming weeks as retailers adjust to lower wholesale costs for new fuel stocks.
