Fuel prices continue to fall as long-term picture set to ‘get even better’ – RAC
Price of crude oil has dropped significantly since US-Iran deal.
The average price of a litre of petrol has fallen to its lowest level since early April – and drivers could be set to experience even lower prices in the next few months.
It comes as the US and Iran sign a deal to end the war and lay the foundations for the crucial Strait of Hormuz crude oil shipping lane to be reopened after months of blockages.
According to analysis by the RAC, the average price of petrol has fallen by nearly 5p since its conflict high of 159.53p on May 28, to 154.72p on Thursday.
Head of policy Simon Williams said: “The diesel drop has been even more dramatic having come down by 17p a litre from 191.54p on 15 April to 174.3p which means drivers are saving £9.50 every time they fill up. The last time the UK average price of diesel was under 175p was on 24 March.
“Even more positively, the rate of reduction ought to accelerate as the price of a barrel of oil has been under $80 for the last two days – something we haven’t seen since the start of March. Drivers can now expect to see the average pump price of petrol drop below 150p in the next week or so, while diesel should drop back under 170p.
Williams added that if Brent crude continues at the current level or continues to fall, then prices at the pumps ‘should get even better’.