Fuel prices have fallen to their lowest in three years – London Business News | Londonlovesbusiness.com

According to new figures fuel prices are plummeting as the average cost of petrol and diesel fell by 7p per litre, the lowest in three years.

To fill up a typical 55-litre family car is now £4 less than a month ago, as petrol has fallen from 142.9p to 136.2p and diesel has fallen from 147.7p to 140.9p.

The fall in prices is due to a combination of the strength in the pound against the dollar and a fall in oil prices due to lower demand globally.

RAC fuel spokesman Simon Williams said: “It’s really encouraging to see pump prices coming down so rapidly, which we know is as good for drivers’ wallets as it is for keeping the headline level of inflation in check.

“Of course, global oil prices and even the strength of the pound can fluctuate wildly and that’s something completely out of drivers’ control.

“But with the cost of filling up making up a sizeable chunk of many households’ overall monthly spending it makes sense to stretch every pound spent on fuel as far as possible.

“Driving efficiently, for instance, with a light right foot and by changing up to as high a gear as possible, is the best way to do this, along with paying less to fill up in the first place.

“Based on wholesale pump prices, which is what retailers pay to buy the fuel in the first place, we know there’s scope for further price cuts so we very much hope that within the next few weeks we’ll see pump prices reach their lowest levels in three years.”