A big Christmas getaway to celebrate with family and friends will cost drivers less this year after petrol prices fell to their lowest level in two years.
New RAC data shows the average price of petrol has fallen to its lowest level since 2021.
With up to 32 million car journeys expected before Christmas, falling fuel prices will be the first boon for motorists.
The Friday and Saturday before Christmas, December 22 and 23, are expected to be the busiest roads and highways of the season.
RAC fuel spokesman Simon Williams said: “As we enter one of the busiest periods of the year on the roads, a liter of unleaded petrol now costs 142.57p – a price last seen at the end of October 2021.”, and one that is about 10 cents per liter less than this time last year.
“This is good news for motorists, especially as prices are likely to fall further in the run-up to Christmas as wholesale prices are significantly lower.
“While major retailers have not announced any major cuts that would attract press attention, prices are falling steadily every day, which is encouraging. We can only hope that this will continue to be the case in the coming days.
“If wholesale prices at gas stations are reflected more fairly, the average price of gasoline next week will fall below 140 cents.”
“Although diesel is not at a comparable low – the average price in August was six cents below the current 150.29 cents – it is still lower than last Christmas’ staggering prices of around 175 cents a litre,” he said.
In the summer of 2022, petrol hit a record price of 191.5 pence (July 3) and diesel hit a record price of 199.09 pence (June 25).
Wholesale oil prices have fallen recently due to falling demand, even as OPEC+, the organization of oil-producing countries, is trying to cut production and raise prices.
Benchmark Brent crude ended at $76.55 a barrel, down 6 cents.
The fall could lead to even lower prices at the pumps in the new year as retailers pass on benefits to motorists.
Falling wholesale prices will also help ease inflationary pressures in the UK.
Source: I News
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