The average price of both petrol and diesel at UK filling stations is now the lowest seen for nearly four years, according to data from the RAC.
The motoring organisation said there was a 2p fall in the average price of a litre of both petrol and diesel in May, to 132.3p and 138.4p respectively.
It said this was the cheapest average petrol price seen since July 2021, while the diesel average was the lowest seen since September 2021.
RAC head of policy Simon Williams said: “May was another good month at the pumps for drivers as petrol and diesel fell by 2p a litre, making for three straight months of falling prices.
“While this takes us back to prices last seen almost four years ago, it’s worth remembering that prices are lower today because the 5p duty cut, first introduced in March 2022, is still being applied. If it wasn’t for the fuel duty freeze, prices could well be much higher.
“Although prices have been moving downwards for the last three months, our analysis of wholesale costs shows there’s still plenty of room for retailers to do more. With oil averaging $64 a barrel throughout May, we believe the average price of petrol ought to be under 130p and diesel under 134p.
“Hopefully retailers will continue to reduce their prices, so we see four months of falling costs at the pumps at the end of June.”
