Petrol and diesel prices drop as drivers see welcome relief with lowest pump costs in three years

Motorists across the UK are experiencing overdue relief at the pumps as petrol and diesel prices have dropped with drivers now paying less to fill up their car in the colder months than in previous years.

The latest data revealed that the average unleaded price is now 135.53p compared to 135.87p recorded in 2021.

The latest figures also show that diesel prices are averaging at 140.2p with experts noting that both fuel types are expected to fall further.

Despite fuel prices dropping, drivers are still dealing with a postcode lottery as retailers offer a variety of prices for motorists around the country.

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Supermarkets generally offer the most competitive rates, with Morrisons leading at an average of 131.6p for petrol. Asda, Sainsbury’s, and Tesco follow closely behind, all averaging below 134p per litre.

RAC fuel spokesperson Simon Williams said: “To see pump prices drop to this level is really positive news, both for households who depend on their vehicles for getting about, and for the wider economy – as there’s a clear link between the cost of fuel and the headline rate of inflation.”

Williams noted that some drivers can now find petrol for as little as 126p per litre, bringing the cost of filling a typical family car to under £70.

Among other brands, Essar offers the lowest price at 129.9p for unleaded, while Shell has the highest average at 137.8p.

The difference between the cheapest and most expensive unleaded petrol can be as much as 37.2p per litre, the RAC data recorded.

For diesel, the price gap is also evident. Asda offers the lowest average at 136.2p, while other retailers charge up to 145.9p per litre. This 17p difference highlights the importance of shopping around for the best fuel prices.

Williams added: “We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks.”

The price disparity between many retailers sparked a response from the Competitions and Markets Authority which began collecting data from fuel retailers in March.

Dan Turnbull, senior director of markets at the CMA, said at the time: “Drivers are feeling the pinch as fuel prices have been edging up since January. We’re particularly concerned by high margins which indicate weakened competition and are not a good sign for drivers.

“The report reinforces the need for Pumpwatch and statutory powers to be in place as soon as possible, to ensure competition is effective in this market and to get a better deal for UK drivers.”

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The CMA also looked at the retail spread which is the average price that drivers pay at the pump compared to the benchmarked price that retailers buy fuel at when analysing the disparity.