December 4th 2024.
Great news for all drivers in the UK! As the festive season approaches, we can all breathe a sigh of relief as fuel prices are expected to be the lowest they've been in years. The coronavirus pandemic has certainly taken its toll on our wallets, but it seems like Christmas has come early for motorists this year.
For many car owners, the holiday season can be quite expensive, so it's a huge relief to hear that petrol and diesel prices are significantly cheaper compared to last year. According to figures from the RAC, even though prices at the pumps went up by a penny last month, they are still much lower than they were a year ago.
Curious about the petrol prices and what to expect at the pump as we head into Christmas? Well, the RAC Fuel Watch has been keeping an eye on the trends over the years to help drivers stay informed. This year, we can expect to save around £6 on a tank of fuel, which will definitely come in handy for those long trips to visit loved ones.
In November, the average petrol price rose by 1p to 136.5p per litre, while diesel went up by 1.8p to 142.25p. This means that the cost of a full tank for a family car (which typically holds 55 litres) would be around £75 for petrol and £78 for diesel. But don't worry, even with these slight increases, unleaded is still 10.5p cheaper than it was this time last year, saving you about £5.75 per tank. And if you're one of the lucky drivers with a diesel car, you'll be happy to know that diesel is 12p cheaper than it was last year.
Now, you might be wondering where you can find the cheapest petrol and diesel prices. Well, if you're in Northern Ireland, you're in luck as they have the lowest prices ahead of Christmas, with an average of 130.6p for petrol and 135.2p for diesel – that's 6p and 7p less than the UK average. On the other hand, England has the most expensive prices, with petrol at an average of 136p and diesel at 141.7p. Scotland and Wales fall somewhere in between with petrol prices at 134.5p and 134.9p and diesel at 140.6p and 140.2p, respectively.
But don't worry, there's still something you can do to save a few pennies. Shopping for the most affordable forecourt brand can make a difference, and here's a breakdown of the latest prices at different supermarket petrol stations: Asda – petrol at 133.1p and diesel at 138.6p, Morrisons – petrol at 133.5p and diesel at 139.6p, Sainsbury's – petrol at 133.4p and diesel at 139.0p, and Tesco – petrol at 133.7p and diesel at 138.9p.
Now, you might be thinking about electric vehicle charging prices. According to the RAC, the cost of charging an electric vehicle using public rapid and ultra-rapid chargers remains "stubbornly high" despite a drop in wholesale energy prices. However, for those who can charge at home during off-peak hours, the price is only 7p per kWh. For drivers using on-street lamppost or bollard charging during off-peak hours, the cost is 49p, and for those relying on a rapid 50-149kw points, it's 79p per kWh.
So, what exactly affects the prices of petrol and diesel? Well, there are several factors at play, including major political unrest and conflicts, such as the Russian invasion of Ukraine in 2022. Other factors include the global price of crude oil, supply and demand, refinery production and capacity, the exchange rate between the pound and dollar, distribution costs, fuel retailers' margins, government fuel duty, and end-of-year VAT charges.
For instance, when the latest conflict in Ukraine escalated in February 2022, the price of crude oil skyrocketed, resulting in an average cost of 159.9p per litre for petrol and 183.9p for diesel. Thankfully, the RAC's head of policy, Simon Williams, welcomed the news of the cheapest fuel since the pandemic, especially as we approach the most expensive time of year for families. He also mentioned that despite the slight increases in prices last month, the difference compared to last year is quite significant, with petrol being 10.5p cheaper and diesel 12p less. This means that drivers making festive journeys can expect to save around £6 on a tank of fuel compared to last year – now that's some good news!
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[Generative AI is experimental.]
