Petrol prices fell by nearly 2p a litre on average in May, while diesel prices tumbled by an average 2.5p a litre after retailers passed on savings in wholesale prices, the RAC’s latest Fuel Watch report reveals.
These price reductions took unleaded prices from 118.55p on average at the start of May to 116.72p at the end of the month, and diesel from 120.25p to 117.75p over the same period.
The price drops mean a tank of unleaded for a typical 55-litre family car is now £1 cheaper than in April at £64.20 and the equivalent diesel fill-up is £1.40 less at £64.76.
Simon Williams, RAC fuel spokesman, says: “Having seen petrol and diesel prices rise in April, it’s good news to see prices reduce in May.
“But it’s very difficult to know which way they will head next although current indications are for prices to come down, especially for diesel which is still overpriced on many forecourts.”
Northern Ireland cheapest for fuel while South East is priciest
On a regional basis, Northern Ireland was the cheapest for unleaded and diesel with prices at 115.47p per litre and 116.46p per litre respectively at the end of May.
Northern Ireland also recorded the biggest price drop in unleaded prices, which were down 2.51p in May. The East of England saw the largest diesel price cut with prices falling by 2.68p per litre.
The South East (excluding London) was the most expensive region for fuel, with unleaded prices at 117.25p per litre at the end of May, and diesel prices at 118.43p per litre.