Fuel prices set to drop by up to 6p a litre just in time for Easter! Drivers across the UK could soon breathe easier at the pumps as petrol and diesel prices are predicted to fall sharply, thanks to a global oil price slump. The RAC says motorists could see petrol tumble from 136p to 130p per litre, while diesel could slide from 143p down to 137p – the lowest in over three years.
Fuel Price Slump Sparks Hope for Motorists
Simon Williams, head of policy at the RAC, explained:
“As long as the barrel carries on trading around or below the $65 mark, retailers will be obliged to pass on the savings they’re benefitting from to their customers.”
With oil prices dropping, drivers could finally get a break from soaring fuel costs during the hectic Easter travel rush.
Why Are Fuel Prices Falling?
The price plunge follows Brent Crude oil hitting $63.49 a barrel – a low unseen since April 2021. Experts blame fears of a looming global recession and fresh US tariffs rattling markets and cutting demand worldwide. If these cuts materialise, petrol will be at its cheapest since summer 2021, and diesel hasn’t been this low since September 2021.
Watchdog Puts Heat on Fuel Retailers
The Competition and Markets Authority (CMA) has slammed fuel retailers for keeping prices high despite cheaper wholesale costs, saying margins remain stubbornly elevated.
“While there are several factors contributing to the higher fuel prices seen in recent months, fuel margins remain stuck at high levels which impacts prices paid by drivers at the pump,” said Dan Turnbull, CMA’s senior director of markets.
The government plans to launch a Fuel Finder scheme later this year, allowing drivers to compare real-time prices and push retailers to compete hard.
What Easter Drivers Need to Know
Millions will hit the roads over the busy Easter bank holiday, making the predicted price drops a welcome boost for families and holidaymakers.
The RAC is urging fuel stations to pass on these savings fast, warning there’s no excuse to hold back reductions just to bump up profits.
“Retailers have no excuse. The wholesale price drops are clear. It’s time to do the right thing for customers,” said Williams.
Top Tips for Saving Fuel This Easter
- Shop around: Use apps and websites to find the cheapest local fuel.
- Fill up before travelling: Prices vary wildly at motorway services and different regions.
- Check tyre pressure and servicing: Keep your car efficient for long journeys.
Keep your eyes peeled on live pricing apps as Easter nears – you could enjoy the roads with some extra cash in your pocket!
