Petrol and diesel drivers are seeing relief at the pumps for the first time in months as prices are falling faster than they have all year.
According to data from RAC Fuel Watch, a litre of unleaded is being sold for 136.15p on average – a fall of more than five pence since the start of September and 7p lower than a month ago.
Diesel drivers are seeing similar price drops at the pumps, with average prices down 5p since the start of the month, helping motorists save around £4 when filling their tank completely.
The sharp reductions in recent weeks means petrol and diesel are now at their cheapest prices in almost three years.
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Petrol and diesel prices could fall to levels not seen in three years
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The last time prices dropped that quickly was between November and December last year, although average costs at the pump were much higher.
Since prices were this low, drivers have dealt with the rapidly rising cost of motoring through insurance hikes, car tax rises and more expensive repair costs.
The RAC highlighted how drivers can save even more depending on where they shop, as supermarkets are currently charging 133.23p for unleaded and 137.69p for diesel.
Simon Williams, fuel spokesperson for the RAC, said average pump prices are expected to fall to a three-year low as soon as the end of September.
The RAC expects the average cost of a litre of petrol to dip to as low as 132p and diesel to 138p within the next fortnight – marking the “lowest pump price for either fuel since July and September 2021 respectively”.
The expert added: “It’s really encouraging to see pump prices coming down so rapidly, which we know is as good for drivers’ wallets as it is for keeping the headline level of inflation in check.
“With the cost of filling up making up a sizeable chunk of many households’ overall monthly spending, it makes sense to stretch every pound spent on fuel as far as possible.
“The message to drivers is simple – keep shopping around for fuel and use the available free tools out there, like the myRAC app, to always pay the lowest price wherever you can.”
Motorists in Northern Ireland are seeing the most significant savings at the pump thanks to the Consumer Council’s Fuel Price Checker which has forced prices down to 131.5p for petrol and 134.2p for diesel.
The tool allows motorists to check the cheapest and most expensive petrol and diesel costs in their area as supermarkets and major retailers are encouraged to slash their costs, thus promoting competition.
At present, Strabane is charging just 126.8p per litre on average for petrol, while drivers in Omagh are paying just £1.30 for diesel.
Williams added that the RAC is “looking forward” to the new Labour Government moving forward with plans to introduce greater pump price transparency with the PumpWatch scheme.
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A fuel price checker scheme is expected to launch in the near future
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It is hoped the scheme will mirror the measures used in Northern Ireland to help motorists benefit from the cheapest pump prices in their local area, as well as promoting competition among retailers.
He added that there should be an official monitoring function that can help ensure drivers are charged a fair price every time they fill up their vehicles.