**UK Petrol Prices Fall to Near Four-Year Low Ahead of Bank Holiday, But Calls Grow for Fairer Forecourt Charges**
As motorists gear up for the busy bank holiday getaway, petrol prices across the United Kingdom have dropped to their lowest levels in almost four years, offering some relief during what is typically an expensive travelling season. According to figures released by the RAC, the average price per litre of petrol at UK forecourts stood at 134.06p on Thursday, 1st May. The last time prices dipped to similar levels was in July 2021, when the average fell to 133.9p per litre.
This reduction comes after a prolonged period of exceptionally high fuel costs, with industry experts acknowledging the strain drivers have endured. Nevertheless, the RAC has described the current decrease as “disappointing,” arguing that retailers have not done enough to pass on the benefits of lower wholesale oil prices to consumers at the pumps.
Simon Williams, head of policy at the RAC, stated, “Drivers will be relieved to know that petrol is at its cheapest point in four years.” He acknowledged, however, that this is cold comfort after prices soared to record highs, with petrol averaging 191.5p per litre at their peak, and diesel almost touching the £2 per litre mark. Williams emphasised that while the latest fall is a step in the right direction, it does not fully reflect the significant dip in global oil prices.
According to the RAC’s analysis, retailers’ current wholesale costs should allow for an additional reduction of up to 4p per litre on both petrol and diesel. If such savings were passed on to drivers, average petrol prices could fall to around 130p per litre, while diesel could drop to approximately 136p. Motoring groups argue that this disparity raises questions about the fairness of current forecourt pricing and the speed at which savings are communicated to consumers.
A closer look at regional pricing demonstrates significant variation between retailers. Data from the Road Trip app shows that some of the most competitive prices in Cardiff on 1st May included Morrisons and Asda on International Drive and Leckwith Road, respectively, both selling petrol at 128.7p per litre. Tesco Extra on Excelsior Road offered fuel at a similar 128.9p per litre, while Sainsbury’s on Colchester Avenue in Penylan was charging 130.9p. Diesel prices followed a similar pattern, with the lowest rates found at Morrisons and Asda, both at 134.7p per litre, and slightly higher prices seen at Tesco Extra and Sainsbury’s.
Williams called on fuel retailers to be proactive in reducing prices further, stating, “Retailers ought to be reducing their prices on a daily basis to reflect the fact they’re paying less for new supply.” He suggested that further price drops are not only possible but necessary, given recent trends in the oil market, where prices have been trading at under $65 per barrel.
He also hinted at the possibility that leading retail chains might announce substantial cuts in pump prices in the near future, potentially benefiting millions of drivers planning summer holiday trips. This would mark a significant moment for UK motorists, who have faced a turbulent fuel market since the pandemic and ensuing energy crises sent costs soaring.
While the recent fall in petrol prices is welcome news, industry observers and consumer groups continue to scrutinise the pricing strategies of the UK’s major retailers. There is an increasing call for transparency and fairness, with some advocating for regular price reviews to ensure that savings from the global oil market are swiftly and fully passed on to the public.
As bank holiday travel increases, drivers are advised to compare prices locally and make use of price comparison apps to ensure they’re not paying over the odds. The conversation about fuel prices and retailer accountability is likely to remain front and centre as motorists continue to seek affordable ways to keep moving in challenging economic times.