Petrol prices drop to lowest level in almost five years
Petrol drivers benefit from lowest fuel prices in years
- UK petrol prices have reached their lowest point since July 2021, averaging 131.91p per litre.
- This marks a decrease of over 5p since early December, offering drivers a saving of nearly £3 when filling a typical 55-litre car.
- Diesel prices have also seen a reduction, dropping 3p per litre since early January to an average of 140.97p.
- The fall in fuel costs is attributed to a decline in the global price of oil, which dipped below US$60 per barrel in early January.
- The RAC suggested retailers could have passed on greater savings, while a Competition and Markets Authority report highlighted increased profit margins for fuel retailers, indicating weak competition.
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