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Fuel Price Relief Expected as Petrol and Diesel Predicted to Plunge
Motorists are poised to experience a considerable reduction in fuel costs, with the RAC’s latest analysis forecasting that petrol and diesel prices are likely to reach their most affordable levels in over three years. The automotive advocacy group states that the recent downturn in global oil prices, triggered by revised tariffs in the United States, should result in decreased prices at the pumps for consumers. This anticipated drop in fuel prices offers welcome news for drivers nationwide.
Significant Savings for Motorists
This development implies that drivers could see a reduction of at least 6 pence per liter, representing significant relief for budget-conscious vehicle owners. Simon Williams, the RAC’s road policy spokesperson, commented that fuel retailers will be “obliged to pass savings onto customers,” anticipating substantial price reductions.
Predicted Price Reductions
Experts predict that petrol prices will decrease from 136p per liter to approximately 130p per liter in the lead-up to Easter. Similarly, the average price of diesel is also expected to decline noticeably from 143p per liter to 137 pence.
RAC Urges Retailers to Pass on Savings Amidst Market Scrutiny
Mr. Williams elaborated, “As crude oil prices plummet to their lowest point in four years, motorists should anticipate price reductions of up to 6p per liter at the pumps ahead of the traditionally busy Easter travel period. Provided that crude oil prices remain at or below $65 per barrel, fuel retailers are expected to transfer their reduced costs to consumers at the forecourt.”
He further added, “The RAC believes that fuel stations should be encouraged to implement these reductions, particularly as they remain under scrutiny from the Competition and Markets Authority. Just last week, the CMA reiterated its concerns regarding insufficient competition within the fuel retail sector.”
Lowest Prices Since 2021
According to projections, the average UK price for unleaded petrol is predicted to fall from the current 136p to 130p per liter, while diesel prices are anticipated to decrease from 143p to 137p.
Should petrol prices reach this projected level, it would mark the lowest cost since the summer of 2021. Diesel prices at 137p per liter would represent the most affordable rate since September of the same year.
Recent Fuel Price Trends
This announcement follows shortly after the RAC acknowledged a decrease in March fuel prices, noting a reduction of approximately 3p per liter. Unleaded costs averaged 136.03p per liter throughout March, a 3.6p decrease compared to February. Despite the March reduction, the RAC indicated that the price decrease was not as substantial as it should have been.