Lower pump prices as petrol and diesel fall

Pump prices fell in April for the second month in a row, according to the latest analysis by the RAC.

Petrol dropped across the UK from an average of 136.1p to 134.1p and diesel from 142.6p to 140.6p. 

However, the RAC believes the reductions should have been far greater due to the fact oil traded significantly below $70 for the whole of April in contrast to March when it was above this level. 

Based on the wholesale costs retailers have been paying for new supplies, the RAC believes the average price of both petrol and diesel should be 4p lower than it is today – around 130p for unleaded, and 136p for diesel. 

A full tank of unleaded for a typical family-sized car with a 55-litre tank now costs just under £74 (£73.76), while the diesel equivalent is £77.34.

Elsewhere in the UK, drivers in Northern Ireland are still paying significantly less with a litre of petrol averaging 128.8p and diesel 133.7p. 

This is 5.3p lower than the UK average for petrol (134.1p) and 6.9p cheaper for diesel (140.6p), equating to a saving of nearly £3 (£2.90) a tank for petrol and almost £4 (£3.79) for diesel. 

At membership-only retailer Costco, unleaded averages 125p a litre at its 20 sites and diesel 131p. 

The average prices charged by the UK’s four biggest supermarket fuel retailers is 131p (137.8p) for petrol and 137p for diesel. 

RAC head of policy Simon Williams said: “On one hand it’s good news prices at the pumps fell for the second straight month, but on the other it’s disappointing that retailers didn’t drop their prices further considering how low oil and wholesale prices continue to be. 

“Drivers right across the UK should really be benefitting from petrol being sold at an average of nearer to 130p and 136p for diesel. For now, only those in Northern Ireland are doing so.”

He added: “The data shows there’s still scope for prices to be reduced by around 4p a litre, so we call on major retailers to reward their customers with some further significant forecourt cuts soon. 

“Some are already selling both fuels for very low prices at particular sites – we’d just like to see this happening more frequently around the country.” 

For example, both Asda and Sainsbury’s are selling unleaded for under 125p a litre in Ipswich. 

Williams concluded: “As the Competition and Markets Authority (CMA) now has new powers to request pricing information from retailers, we’ll be very interested to see whether it believes drivers have been charged fair prices at the pumps this spring. 

“Previous CMA reports have found evidence of overcharging in both 2022 and 2023.”