Petrol and diesel prices could drop to their lowest in three-and-a-half years

With oil prices falling sharply in the wake of new import tariffs announced in the United States, RAC head of policy Simon Williams said:

“With oil tumbling to its lowest price for four years, drivers ought to see cuts of up to 6p a litre at the pumps ahead of the notoriously busy Easter weekend on the roads.

“As long as the barrel carries on trading around or below the $65 mark, retailers will be obliged to pass on the savings they’re benefitting from to their customers on the forecourt. The RAC believes they should be motivated to do so as they continue to be scrutinised by the Competition and Markets Authority, which only a week ago reported that it’s still concerned about a lack of competition in fuel retailing.

“Petrol should drop from its current UK average of 136p to 130p a litre and diesel from 143p to 137p. If unleaded were to fall to that level, it would be the cheapest since summer 2021. Diesel hasn’t been that low since September that year.”

For more data and analysis on fuel prices, please see RAC Fuel Watch: https://www.rac.co.uk/drive/advice/fuel-watch/