4 October 2024

Pump it down: Fuel prices take a nosedive, saving wallets everywhere!

Fuel prices in the UK have plummeted to their lowest levels in nearly three years, providing much-needed relief for drivers. As of late, the average cost of unleaded petrol has dropped to 136.15p per litre, while diesel stands at 140.87p per litre. These figures mark the cheapest prices seen since 2021.

The big drop in fuel prices comes down to two main reasons. First, global oil prices have steadied at around $73 (USD) per barrel, which is relatively low and has helped reduce fuel costs. Second, the British pound has stayed strong thanks to lower inflation, making fuel imports cheaper. Together, these factors mean retailers can pass on the savings to drivers.

Supermarkets are also doing their part by offering even lower prices than the national average, making them the top choice for bargain hunters. Northern Ireland leads the way with the lowest prices, where petrol is as cheap as 131.5p, and diesel is around 134.2p per litre.

Looking ahead, prices could drop even further, with unleaded petrol possibly going down to 132p and diesel to 138p. On top of that, the RAC is pushing for more transparency with fuel prices. The government’s proposed ‘Pumpwatch’ scheme would help drivers easily compare prices, creating more fairness at the pump.

At Activa, we understand the importance of fuel costs for both our employees and customers. These price drops provide a welcome opportunity to reduce transport-related expenses, helping us offer even greater value and efficiency in our services.