Fuel prices in plummet at the pump to near four-year low

Motorists in the UK are reaping the benefits of a third consecutive month of falling fuel prices, with petrol and diesel now at their lowest levels in nearly four years, according to the latest data from RAC Fuel Watch.

This sustained decline has brought significant savings at the pumps, offering relief to drivers across the region amidst ongoing economic pressures.

In Northern Ireland, the average price for a litre of petrol has dropped to 126.5p, nearly 6p below the UK average of 132.3p. Diesel is equally competitive, averaging 130.8p per litre, almost 8p cheaper than the UK average of 138.4p.

In Ballymena, savings are to be made, with Sainsbury’s on Larne Road Link offering some of the region’s lowest prices at 123.9p for petrol and 127.9p for diesel per litre. These figures are among the lowest petrol prices since early July 2021 and the cheapest diesel since September 2021.

The 2p-per-litre reduction in both petrol and diesel throughout May has shaved approximately £1 off the cost of filling a standard 55-litre family car. A full tank of petrol now costs £72.74, while diesel is slightly higher at £76.13.

Since February, petrol prices have fallen by more than 7p and diesel by 8p, translating to savings of around £4 per tank for drivers.

Simon Williams, RAC head of policy, welcomed the trend, stating:

“May was another good month at the pumps for drivers as petrol and diesel fell by 2p a litre, making for three straight months of falling prices.”

However, he cautioned that these savings are partly due to a temporary measure:

“While this takes us back to prices last seen almost four years ago, it’s worth remembering that prices are lower today because the 5p duty cut, first introduced in March 2022, is still being applied. If it wasn’t for the fuel duty freeze, prices could well be much higher.”

Bargains at the pumps in Ballymena and beyond

For drivers in Ballymena, Sainsbury’s on Larne Road Link is a go-to destination for cost-conscious refuelling. At 123.9p per litre for petrol, it’s among the cheapest in Northern Ireland, offering significant savings compared to the UK average. Diesel at 127.9p is equally competitive, making it a prime choice for local motorists.

Across Northern Ireland, other forecourts are also delivering substantial savings. Sainsbury’s Falls Road in Belfast offers the cheapest supermarket diesel at 126.9p per litre, while Asda locations in Coleraine and Cookstown are close behind at 127.7p.

These prices underscore Northern Ireland’s position as a region with some of the UK’s most affordable fuel.

Nationally, Sainsbury’s Shorehead store in Huddersfield leads with petrol at 121.9p per litre, saving drivers nearly £6 per tank compared to the UK average. In London, Asda’s forecourt on Western Road in Park Royal prices petrol at 122.7p, while Tesco’s Western Avenue station in Greenford offers it at 123.9p.

Williams highlighted the potential for further savings, advising:

“For those prepared to shop around or use apps like myRAC, there are some excellent bargains to be had which can save several vital pounds on a full tank.”

He recommended downloading the free myRAC app, which allows drivers to compare prices against the RAC Fuel Watch average and save favourite filling stations for quick reference.

Room for further reductions?

Despite the encouraging downward trend, RAC’s analysis suggests UK retailers could cut prices further. With oil averaging $64 a barrel in May, Williams argued:

“We believe the average price of petrol ought to be under 130p and diesel under 134p.”

He expressed hope for continued reductions, stating:

“Hopefully retailers will continue to reduce their prices, so we see four months of falling costs at the pumps at the end of June.”

For Northern Ireland drivers, the current price drops offer a welcome respite with prices at the pump below the UK averages. The combination of competitive local pricing and tools like the myRAC app empowers drivers to maximise savings.

Advice for drivers

As fuel prices continue to ease, motorists are encouraged to stay proactive. Williams advised:

“Our advice to drivers is to download the free myRAC app and start using it to find the lowest priced fuel near them.” By leveraging technology and shopping around, drivers in Ballymena and across Northern Ireland can make the most of these historically low prices.

With the prospect of further reductions on the horizon, the current fuel price landscape offers a rare opportunity for drivers to stretch their budgets further. For now, Northern Ireland remains a standout region for affordable fuel, with local forecourts leading the way.