Petrol and diesel prices “should drop” to their lowest levels for three and a half years, according to new analysis from the RAC. The motoring experts said a drop in the price of oil in the wake of new tariffs in the United States should be reflected in the pumps.
The news means road users could enjoy at least a 6p per litre fall in a massive win for motorists on tight budgets. Simon Williams, head of road policy at RAC said petrol stations will be "obliged to pass savings onto customers” with major discounts expected. The specialists have warned that petrol should fall from 136p per litre to around 130p per litre ahead of Easter.
Meanwhile, the average cost of diesel should also drop considerably from 143p per litre to 137 pence.
Mr Williams explained: “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."
The latest update comes just days after the RAC admitted fuel prices fell in March with fees down by around 3p per litre.
Unleaded fuel was priced at 136.03p over March, a 3.6p drop on fees recorded back in February.
After the March announcement, the RAC did suggest prices had not fallen by as much as they should have.