Record 12p monthly fall in diesel prices
The RAC said the average price of the fuel at UK forecourts dropped from 158.9p to 147.0p in May.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Diesel prices fell by a record of nearly 12p per litre last month, new figures show.
The RAC said the average price of the fuel at UK forecourts dropped from 158.9p to 147.0p in May.
Despite this being the largest monthly reduction since the motoring services company began tracking fuel prices in 2000, it believes the cut should have been more significant to fully reflect changes in the wholesale market.
It’s still galling to see that a litre of diesel is 8.5p cheaper in Northern Ireland
The price drop has lowered the cost of filling a typical 55-litre family car by around £6.50.
May was the seventh consecutive month in which pump prices fell.
The average price of a litre of petrol dropped by more than 3p from 146.5p to 143.3p last month.
On May 15, the Competition and Markets Authority watchdog reported that indications show higher pump prices in 2022 “appear in part to reflect some weakening of competition”.
RAC fuel spokesman Simon Williams said: “After calling for big pump price cuts for weeks, we were pleased to see that May was the month where this finally happened.
“The fact it appears to have been prompted by the Competition and Markets Authority’s mid-month announcement about weakening competition in fuel retailing is surely not a coincidence.
“A 12p reduction in the price of diesel in one month is something we haven’t seen in nearly 23 years of monitoring prices.
“But despite this, it’s still galling to see that a litre of diesel is 8.5p cheaper in Northern Ireland than it is in the rest of the UK.
“This points to a more transparent and competitive fuel market there, something drivers in the rest of the UK would very much like to see, particularly with money being so tight in the cost-of-living crisis.”