Petrol owners have been issued a crucial 5p per litre fuel warning as motorists continue to battle pump prices. In some good news for drivers, RAC head of policy Simon Williams has suggested that petrol fees may be about to fall, with cuts of around 5p per litre expected.
Current fuel costs
Petrol is trading at around 174.81p per litre, up on the previous 174.59p per litre recorded at the end of September. Costs have surged from the summer, with average prices closer to 151p per litre back in July and 132p per litre in February before the conflict in the Middle East. Since tensions started at the end of February, petrol costs are now up a whopping 42p per litre or 31.6%.
However, petrol costs may have reached their peak with unleaded owners likely to enjoy some respite sooner rather than later.
RAC analysis
Mr Williams said: "The average price of petrol should also reduce by as much as 5p a litre as its price on the country's forecourts has been over what we'd expect based on its cost to retailers. This may well have been done in an effort to avoid retailers charging £2 and over for diesel but it's also important to be fair to those driving petrol vehicles."
RAC Fuel Watch has also suggested that unleaded petrol and super unleaded prices "should fall". Diesel owners may also be set for some support despite average costs already exceeding the previous all-time high set in 2022. Average costs are now over £2 per litre in a blow to road users, but the RAC has suggested things may be set to calm down.
Diesel outlook
Simon added: "Drivers may soon be able to breathe a slight sigh of relief at the pumps as RAC analysis shows wholesale fuel prices appear to have peaked – at least for now.
"Since the G7 took the decision to release some of its strategic diesel reserves the wholesale cost of diesel has fallen significantly and is well below the high point seen in mid-September."
Labour is yet to reduce VAT rates on fuel or confirm any fuel duty reductions, but Andy Burnham has rolled out price data on Google Maps. He said that the update would help people find the "cheapest option" before filling up, but the move has been blasted by some who have accused the Prime Minister of not doing enough to help.
