Fuel prices are falling faster than at any other point 2024, new figures show, as the RAC says there is still “scope for further price cuts”.
Average prices for petrol and diesel have fallen by nearly 7p per litre on forecourts over the last month, reaching their lowest level in nearly three years.
Typical per-litre petrol prices have fallen from 142.9p to 136.2p, while diesel has dropped from 147.7p to 140.9p.
That means the cost of filling a 55-litre family car is almost £4 cheaper than a month ago.
Seven common speed camera myths
RAC fuel spokesman Simon Williams said: “It’s really encouraging to see pump prices coming down so rapidly, which we know is as good for drivers’ wallets as it is for keeping the headline level of inflation in check.
“Of course, global oil prices and even the strength of the pound can fluctuate wildly and that’s something completely out of drivers’ control.
“But with the cost of filling up making up a sizeable chunk of many households’ overall monthly spending it makes sense to stretch every pound spent on fuel as far as possible.
“Driving efficiently, for instance, with a light right foot and by changing up to as high a gear as possible, is the best way to do this, along with paying less to fill up in the first place.
“Based on wholesale pump prices, which is what retailers pay to buy the fuel in the first place, we know there’s scope for further price cuts so we very much hope that within the next few weeks we’ll see pump prices reach their lowest levels in three years.”
The RAC attributed the fall in prices to a combination of a drop in oil prices to 73 US dollars per barrel amid lower global demand, while the strength of the pound against the US dollar means UK fuel retailers get better value on the wholesale market.
Calls for pay-per-mile schemes in the UK
The welcome news comes as Chancellor Rachel Reeves is being urged to impose a pay-per-mile scheme on UK drivers to avoid a “black hole” from lost fuel duty revenue.
Public transport charity Campaign for Better Transport (CBT) issued the plea, claiming it would have public support.
It is proposing that drivers of zero emission vehicles (ZEVs), such as electric cars, should be charged based on how far they travel.
Under the plan, drivers with a ZEV before the implementation date would be exempt, incentivising the switch to electric motoring.
Duties levied on petrol, diesel and other fuels generate around £25 billion a year in revenue for the Treasury.
This figure is expected to dwindle as more drivers transition from traditionally-fuelled cars to ZEVs.
But successive governments have found the prospect of introducing per-mile charges – known as road pricing – to be too politically toxic.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel