Petrol and diesel car owners could see relief at the pumps in the coming month as new insight suggests that fuel prices will remain low for the rest of the year.
Transaction data from Allstar stated that petrol prices at the pump were down to an average of 143.34p and 158.5p for diesel.
Experts now estimate that market conditions will remain positive, with petrol and diesel prices likely to fall "for the rest of the year and beyond into early 2025".
They highlighted how fuel prices are dictated, at least in part, but the global price of Brent Crude oil, which have fallen dramatically since a peak following the Russian invasion of Ukraine.
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Fuel prices have continued to fall since a peak in June and July 2022
PAThe United States Energy Information Administration has also predicted that stability will follow for the rest of the year as supply and demand balance each other out.
Paul Holland, managing director for UK/ANZ Fleet at Corpay, including UK brand Allstar, said prices would remain low, providing a major boost for petrol and diesel drivers.
He added: “That being said, there is no crystal ball that could have predicted some of the shock geopolitical events the world has seen.
"Yet, the prices we pay at the forecourt are sensitive to them and will fluctuate again if there is another surprise on the horizon.
"My best advice is to keep an eye on what is going on globally and offset costs where possible if they do make a surprise hike.”
The Allstar data also identified regional differences in fuel prices, most notably how Dumfriesshire on the Scottish/English border is often the most expensive and Antrim in Northern Ireland is the cheapest.
It highlighted that Antrim needs to keep its prices low as it has to compete with low costs across the border in the Republic of Ireland.
Northern Ireland also benefits from the Consumer Council Fuel Price Checker which displays the cheapest average costs for most major towns and cities across the nation.
The latest data shows that petrol and diesel costs 135.4p and 137.6p per litre respectively. This means costs are 4p cheaper for petrol drivers and 6.5p cheaper for diesel.
It also details how drivers in Omagh and Strabane are paying just 128.8p per litre for unleaded, while also only charging 134.3p for diesel - making them the cheapest areas in Northern Ireland.
This could be welcomed by British drivers as experts question whether the Government will remove the freeze on fuel duty in the upcoming October Budget.
The fuel duty cut was first introduced in 2022 following the Russian invasion and aimed to slash prices by 5p per litre, estimated to save drivers an average of £100 a year.
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Chancellor Rachel Reeves could unveil fuel duty changes in the October Budget
PAHowever, as the new Labour Government deals with a £22billion financial black hole left by the previous Conservative administration, it could look at fuel duty to save money.
A spokesperson for HM Treasury told GB News: "Following the spending audit, the Chancellor has been clear that difficult decisions lie ahead on spending, welfare and tax to fix the foundations of our economy and address the £22billion hole in the public finances left by the last Government.
"Decisions on how to do that will be taken at the Budget in the round."
Data from the Treasury shows how immediate action from the Government has secured £5.5billion of savings in 2024-25 rising to £8.1billion in 2025-26.
