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Petrol prices hit a two-year low

By Mathilda Bartholomew | December 19, 2023

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The current average cost for a litre of unleaded petrol at the pumps is 142.57p, a figure not seen since October 2021

Petrol prices hit a two-year low

Petrol prices have reached their lowest point in over two years, according to the RAC.

The current average cost for a litre of unleaded petrol at the pumps is 142.57p, a figure not seen since October 2021.

Despite being approximately 10p per litre cheaper than the previous Christmas, diesel prices have not experienced a similar drop, as reported by the motoring organisation.

Simon Williams, RAC fuel spokesman, remarked, "The drop comes during one of the busiest times of the year on the roads."

He continued, stating, "'This is good news for drivers, especially as prices should continue to come down in the run-up to Christmas due to the wholesale price being significantly lower.' Fuel prices peaked in summer 2022. According to the RAC, on 3 July 2022, unleaded hit a record of 191.5p and diesel 199.09p on 25 June 2022.

Mr. Williams added, "'While the biggest retailers haven't announced any headline-grabbing big cuts, prices are falling steadily every day which is encouraging.

'We just have to hope this continues in the coming days.

'If wholesale prices are reflected more fairly at the pumps, we should see the average price of petrol drop below 140p in the next week.

'While diesel isn't at a similar low point – as it averaged 6p less than its current 150.29p in August – it's still down from last Christmas's dizzying prices of around 175p a litre.'"

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