Petrol and diesel prices fell in 2024, according to the RAC. This is despite recent increases in pump prices for both fuels in November.
Petrol in December cost 2p more than it did at the start of October, but this was still 10.5p lower than it cost at the same time in 2023. Similarly, diesel was up 3p since October but is 12p cheaper than the previous year.
This saving is larger still when compared to fuel prices in 2022 – when Russia invaded Ukraine and crude oil prices rose in response to geopolitical tension.
In November, supermarket forecourts offered petrol and diesel at prices below the UK average, with a litre of petrol coming in at 133.2p – 3.3p less than the UK average and diesel costing 138.6p – 3.6p less than the UK average.
Despite pump prices increasing in November, wholesale prices remained largely the same, sparking continued concerns around retailer margins and a lack of competition.
RAC Head of policy, Simon Williams, said: “[…] We’re still conscious that prices at the pumps could be slightly cheaper if retailer margins were lower. So, it was disappointing to see that the Competition and Markets Authority has once again expressed concern about a lack of competition among fuel retailers.”
He continued: “We hope the Government’s commitment at the Budget to introduce a mandatory fuel price finding scheme next year will spark competition and lead to a fairer fuel retailing landscape that delivers better value for drivers wherever they fill up.”
