Between surges in cost-of-living and inflation rates, many British drivers are looking to cut costs on motoring. One of the biggest driving expenses is fuel, which reached eye-watering levels in 2022 as a result of strains to the global supply of fuel.
But are fuel prices coming down? And if so, what kind of fuel costs are UK drivers facing?
How to check cost of fuel
The price of fuel varies based on a number of factors. These include everything from the wholesale price of the fuel itself through to taxation and retailer premiums.
If you’re looking to stay on top of daily fluctuations to fuel prices, add the RAC’s Fuel Watch initiative to your bookmarks. This gives you the average nationwide price of both petrol and diesel, and their Fuel Finder feature can help you locate the cheapest pump near you.
Are fuel prices coming down?
As per the RAC’s data, the current UK average for petrol hovers around 143 pence, and 144 pence for diesel. This is predicted to fall over the coming weeks.
These figures demonstrate a marked reduction in fuel prices compared to July 2022. RAC data reveals that drivers paid 191.43 pence for unleaded petrol and 199.07 pence for unleaded diesel on 1 July 2022.
Average fuel prices for 2023 are reducing compared to 2022, but remain high compared to previous years. In 2021 for example, the average cost of unleaded was 133.36 pence and diesel was 136.05 pence.
As such, although fuel prices are coming down, they remain higher on average than previous years.
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