In December, the average price of petrol in the UK experienced a decline of 6p per litre, as reported by RAC Fuel Watch.
This reduction marks the second consecutive monthly decrease, with the average petrol cost now standing at under 147p (146.69p) per litre.
The drop translates to a £3.40 decrease in the cost of a full 55-litre tank, bringing it down to £77.32.
Similarly, diesel prices also saw a decrease of 5p per litre, settling at 149.18p. This translates to a saving of almost £3 (£2.86) on a fill-up, which now costs £82.05.
Notably, both unleaded and diesel prices are now at levels last observed in early February 2022, before geopolitical events such as Russia’s invasion of Ukraine, which led to an increase in oil prices to around $130 (£102) per barrel.
Presently, the price of a barrel is under $80 (£63.1).
Despite these reductions, the RAC contends that fuel prices in the UK should be lower, especially if major supermarkets adopt fairer and smaller margins.
In December, the average supermarket margin on a litre of fuel stood at 13p, more than double the amount recorded in 2021.
