The average price of petrol and diesel dropped by 6.5p in September, prompted by a continued fall in the cost of a barrel of oil.
Representing the ninth biggest monthly drop since 2000, the data from RAC Fuel Watch shows that an average litre of unleaded now comes in at 134.79p – down from 141.26p at the start of the month – while diesel dropped from 146p to 139.5p. As a result, drivers are now saving up to £3.60 a tank every time they fill an average-size family car.
It is believed that the falling prices reflect a drop in the price of oil, which has come down from $78 at the beginning of September to $72 at the end. In July, the price of a barrel of oil was closer to $90. Blended with a pound which is trading more strongly than before, it means that wholesale fuel for retailers is cheaper to purchase.
Compared with the start of May, petrol has fallen by 15.5p from 150.3p a litre while diesel has tumbled 18.5p from 158p – saving drivers £10 on the cost of a full tank.
The RAC believes that if the wholesale price of petrol – which is currently at 99p a litre – and diesel, which stands at 103p, remains the same drivers could experience even further savings on their fuel.
Simon Williams, RAC head of policy, said: “Drivers will be very pleased to see prices at the pump not only continuing to fall but dropping by 6.5p in just a month as this translates to saving £3.60 on a full tank.
“Since the start of May prices have come down dramatically, with 15.5p being shaved off unleaded and 18.5p off diesel.
“The reductions have primarily been driven by a drop in the price of oil from above $90 in early April to below $70 briefly in mid-September, supported by a slightly stronger pound which makes wholesale fuel cheaper as it’s traded in dollars.
