Petrol prices across Britain’s forecourts have slipped to their lowest in over two years, marking positive news in the battle to stem inflation.
According to motor group RAC, petrol averages 142.57p per litre - its lowest since October 2021 and a far cry from the highs of over 190p seen in July last year.
“Prices should continue to come down in the run-up to Christmas due to the wholesale price being significantly lower,” RAC spokesperson Simon Williams said.
Growing fuel costs had prompted inflation to remain stubbornly at 6.7% in September before a fall in energy costs aided the consumer price index to subside to 4.7% in October.
Electricity, gas and other fuels had fallen by 6.9% between September and October, according to the Office for National Statistics, and were down 21.7% year on year.
Motor fuel itself was down further by 9.7% and 7.6% in the years to September and October respectively though, as prices recovered following the outbreak of war in Ukraine in early 2022.
RAC’s latest average figure shows petrol prices have fallen consistently since October, and are most recently around 10p less per litre than both mid-last month and a year ago in December meanwhile, marking a drop of around 6.5% respectively.
Diesel has also fallen to 150.29p in the meantime, with the ONS due to unveil inflation figures for November on Wednesday.
“While the biggest retailers haven't announced any headline-grabbing big cuts, prices are falling steadily every day which is encouraging,” Williams added.
“We just have to hope this continues in the coming days.”