Petrol and diesel prices are steadily declining in the UK, according to RAC, with petrol at an average of 177.46p for a liter and diesel cost at an average of 188.23p.
Oil prices have been falling in recent days as a result of fears that tough economic times may weaken demand, as well as a slight increase in production from the OPEC+ cartel and talks between Iran and the West that might allow the country to export more.
On Monday, Brent crude dropped to US$93.38 a barrel, after hitting its lowest point last week since February, but oil rose over $1 a barrel on Tuesday after Russia said oil exports to Europe via the Druzhba pipeline had been suspended since last week.
Shell PLC (LSE:SHEL, NYSE:SHEL) and BP PLC (LSE:BP.) were among the main driving forces for the FTSE 100.
In May, as the European Union announced it would ban most oil imports from Russia as part of its sanctions package following the invasion, it pushed Brent crude to more than US$124 a barrel.
The beginning of July saw UK petrol prices rise to 191.43p and diesel prices to 199.07p given the scramble to secure more stock.
"All of the talk of recession has caught up with crude prices over the summer, forcing a substantial correction that will be welcomed by those looking on in horror as they fill their cars," said Craig Erlam at Oanda.
"The question is how sustainable US$90 oil is when the market remains very tight and OPEC+ is only willing to make small moves in order to address it."
Erlam went on to add though it is comforting to know Saudi Arabia and the UAE have spare capacity in case of an emergency, it would be better they used it now since many countries are facing a cost-of-living recession.
Monday's fall came days after the Bank of England warned that the UK was facing a 15-month recession, with both the US and the UK trying to tame high and rapidly rising inflation.
US economic data also showed a second consecutive quarter of contraction which would meet the international criteria for a recession, but the world's largest economy has its recession defined by the National Bureau of Economic Research, which has yet to make the declaration.