Petrol and diesel drivers are finally benefitting from lower fuel prices as new data shows costs fell by 4p last month.
The latest research from RAC Fuel Watch found that petrol and diesel prices fell for the first time in six months in March, providing much-needed relief for motorists at the pumps.
At the end of March, the average price of a litre of unleaded petrol cost 136.03p. Costs as low as this have not been seen since November, in another victory for motorists.
Throughout March, prices continually fell, with drivers paying £74.82 for a standard 55-litre tank at the end of the month, almost £2 less than at the start of March.
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The RAC said prices may rise again in the near future
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Diesel drivers also felt cost cuts at the pump, with prices falling to a low of £142.15p per litre - the lowest price since December last year.
The RAC states that prices fell because the global cost of oil dropped below $70 (£54.10) and uncertainty around economies around the world.
Despite the positive outlook from UK-wide prices in April, the RAC believes costs should have dropped further, given the large drop in wholesale costs.
The motoring organisation said some retailers, including supermarkets, were not passing on savings for drivers as quickly as other brands, preventing prices from falling further.
Simon Williams, head of policy for the RAC, said the price drops were coming at a very good time of the year, when an estimated 21 million journeys are expected to take place ahead of the Easter break.
He added: "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 also fear that today's lower petrol and diesel prices could be rather short-lived. 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."
Williams said drivers will hopefully benefit further in the coming months when the Competition and Market Authority's (CMA) powers to scrutinise prices will lead to fairer prices.
It is hoped that this will work hand-in-hand with the Government's new Fuel Finder tool, which will force retailers to publish information about prices within 30 minutes of any changes.
This will work in a similar way to the Consumer Council's Fuel Price Checker in Northern Ireland, which retains the crown as having the cheapest petrol and diesel prices across the UK.
The RAC Fuel Watch data reported that no motorists in Northern Ireland are paying more than 137p per litre for petrol and 141p for diesel.
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The Fuel Finder scheme is expected to launch before the end of the year PAWilliams called on drivers to ensure they are saving as much money as possible by shopping around when looking for cheap fuel.
He urged motorists to stop assuming that their local forecourt, which they may have visited for years, is the cheapest option nowadays, with smaller, independent forecourts often offering savings.
