Fuel prices fall in March, according to RAC Fuel Watch
Fuel prices in the UK fell for the first time in March, but the RAC believes prices could soon be about to rise again.
RAC data found that the average price of a litre of unleaded was 136.03p last month, which was 3.6p down on prices at the start of the month.
Meanwhile, the cost of fuel dropped by 4p during the month from 146.46p to 142.51p.
Drivers in Northern Ireland were also paying competitive prices, with petrol no more expensive than 137p a litre and 141p for diesel.
However, the RAC believes prices have not fallen as much as they should have done after falling wholesale costs, which were the lowest they have been since October.
Wholesale prices
RAC head of policy Simon Williams said: “Drivers are finally seeing some relief from high pump prices, which has come at a good time with the start of the Easter school holidays this weekend and one of the biggest bank holidays of the year for travel in just over a fortnight’s time.
“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 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 hope the CMA’s new powers to scrutinise prices will be the catalyst for fairer prices everywhere, along with the government forcing retailers to publish prices within 30 minutes of changing them.
“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.”
