Last month, UK drivers benefited from a fall in diesel prices of 5p per litre – meaning for the first time since 2001, diesel prices have fallen below those of petrol.
According to a report by the RAC, diesel prices at the start of July were 120.63p and by the end of the month had fallen to 115.74p.
In the past few weeks, several UK supermarkets have slashed diesel prices, resulting in the overall price drop in the market.
The fall in diesel prices means a saving on average for diesel car users, of around £3 per month – welcome news for UK motorists at a time when fuel prices are increasingly in the spotlight.
UK motorists have recently been able to benefit from the cost savings passed on by large supermarkets, as a result of falling wholesale prices. This has combined with a strong pound against the dollar to generate significant savings at the forecourt.
Simon Williams, from the RAC, states that, “If the supermarkets continue to battle over prices as they pass on further wholesale cost savings, pump prices should reduce to around an average of 111p a litre – a price last seen in January 2010.”
If this happened, it would reduce the cost of a tank of diesel by another £2 on average – a huge difference to the average UK household and to SME businesses across the country.
Further savings can be made by businesses through fuel management technology, which helps gain control of fuel usage and costs on an ongoing basis.