Petrol prices near four-year low for bank holiday getaway but drivers 'still being overcharged'
Petrol prices near four-year low for bank holiday getaway but drivers 'still being overcharged'
The RAC said the average price of a litre of petrol at UK forecourts on Thursday, May 1, was 134.06p - the lowest figure since July, 2021
Petrol prices have dropped to a near four-year low
(Image: PA Archive/PA Images )
Motorists are enjoying cheaper fuel prices as petrol rates have descended to their lowest in nearly four years, just in time for bank holiday excursions.
The RAC reported that on Thursday, May 1, the average cost per litre at UK service stations was 134.06p. This figure has not been seen since July, 2021, when it dipped slightly lower to 133.9p.
Despite this reduction, the RAC labelled the decline as "disappointing", arguing that it failed to reflect the substantial slashes in oil prices.
The motoring organisation's analysis suggested retailers' current wholesale expenses should translate to an average decrease of 4p per litre for both petrol and diesel.
Such a reduction would see petrol prices averaging at 130p per litre, with diesel dropping to 136p per litre. For money-saving tips, sign up to our Money newsletter here
According to the Road Trip app, the cheapest petrol prices in Cardiff today were at Morrisons, International Drive at 128.7p per litre, Asda, Leckwith Road at 128.7p per litre, Tesco Extra, Excelsior Road at 128.9p per litre and Sainsburys, Colchester Avenue Penylan at 130.9p per litre.
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Similarly, diesel prices at these locations according to Petrol Prices, were 134,7p per litre at Morrisons, 134.7p per litre at Asda, 134.9p at Tesco Extra, and 136.9 per litre at Sainsburys.
RAC's head of policy, Simon Williams, commented: "Drivers will be relieved to know that petrol is at its cheapest point in four years."
He reminisced about the previously burdensome prices, saying: "During that time, we've had the pain of record prices with petrol averaging 191.5p (and diesel almost £2 a litre) so some better news at the pumps is very welcome."
Williams went on to explain: "Now, due to global factors, oil is trading below 65 US dollars, which means the price of both petrol and diesel should fall lower still."
He urged retailers to continuously adjust their prices downwards.
He added: "Retailers ought to be reducing their prices on a daily basis to reflect the fact they're paying less for new supply."
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Williams hinted towards the possibility of a significant price cut in the future.
"Perhaps there might even be an announcement about a hefty price cut from one of the biggest retailers," he said.
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