The average price of petrol and diesel at UK filling stations fell in March, according to the RAC.
The motoring organisation said the average litre of petrol had come down by 3.6p during the month, to 136.03p, while the average litre of diesel was down by 4p to 142.51p.
The RAC said prices had come down because of the cost of oil dipping below $70 a barrel, with wholesale fuel prices falling soon afterwards. It said the underlying reason for these decreases was the growing concern about the global economic outlook.
Despite pump prices having fallen, the RAC believes they should have come down further given the extent to which wholesale costs have fallen.
RAC head of policy Simon Williams said: “Drivers are finally seeing some relief from high pump prices, which has come at a good time with the start of the Easter school holidays this weekend and one of the biggest bank holidays of the year for travel in just over a fortnight’s time.
“It’s a shame prices on forecourts haven’t fallen further and faster, but this reflects the higher margins many retailers are now choosing to take – something the Competition and Markets Authority (CMA) acknowledged earlier this week in its latest report. Ultimately, it’s drivers who lose out – especially those who live in areas where there’s little or no competition among forecourts.
“We hope the CMA’s new powers to scrutinise prices will be the catalyst for fairer prices everywhere, along with the government forcing retailers to publish prices within 30 minutes of changing them.”
Williams added that the RAC fears the lower pump prices could be short-lived.
He said: “Crude oil prices are once again starting to edge up and if this is sustained, it’s likely to lead to higher wholesale costs and the end of falling pump prices.
“This is another reason it’s so important drivers shop around to ensure they pay the least they can for fuel.”
