For the second month running, fuel prices dropped by 2p a litre last month, meaning a litre of unleaded petrol is now over 5p a litre cheaper than it was in February. The average price of unleaded is down to 114.7p a litre; diesel is now 115.5p.
RAC Fuel Watch calculates this means a tankful of unleaded is now £2.91 less than back in February. For diesel car drivers, the savings are even bigger: £3.54 per tank.
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What’s causing the welcome good news? Further reductions in the price of oil; it hit a low of $44.23 in June, with the average reduction over the month working out to be 6 percent. The wholesale price of petrol thus reduced by more than 3p a litre.
“June has been a good month for motorists,” said RAC fuel spokesman Simon Williams. “As wholesale prices have come down in response to a falling oil price, retailers have done the right thing and passed their savings on to motorists on the forecourt.”
Diesel fuel prices are also now edging closer to petrol, meaning diesel is significantly cheaper than it was at the start of 2017. Not before time either, says Williams: the wholesale price of diesel has been cheaper than petrol for some time now…
The good times may not be here for long though, he warned. “OPEC has been trying to shore up the oil price for months but the market is still oversupplied, mostly as a result of the United Stats’ increased production from fracking.” Once the oversupply eases, expect prices at the pumps to follow suit.
UK fuel prices – June 2017
- UK average petrol price: 114.7p
- UK average diesel price: 115.5p
- UK average supermarket petrol price: 111.7p
- UK average supermarket diesel price: 112.3p