UK drivers should see cuts at the pump after oil prices tumbled by around 25% since late October, with Brent Crude dipping below $90 a barrel for the first time since August on Tuesday before rising slightly again to $93 on Wednesday lunchtime.
Current Pump Prices
The RAC put average pump prices at 168.45p for petrol and 197.27p for diesel on Tuesday, with petrol down 3.4p since the start of the month and diesel falling just 1.3p over the same period.
The AA warned that wholesale petrol costs had already dropped sharply — from 77p a litre on October 13 to below 62p — and said "the track of plummeting wholesale costs indicates that another 10p reduction should be on the way".
Timing of Reductions
However, experts cautioned that lower oil prices typically take two to four weeks to reach forecourts, as retailers must first sell fuel bought at higher wholesale prices. Diesel is expected to lag behind petrol in seeing reductions.
Luke Bosdet of the AA said some forecourts were still "charging close to the peak prices of early October", adding: "given how much wholesale costs have fallen since the middle of last month, that is unforgivable".
Finding Cheaper Fuel
Motorists can use the government's Fuel Finder tool to identify which local forecourts are cutting prices first.
