Diesel prices fell by a record 12p per litre in May, says RAC | UK News

The value of diesel fell by virtually 12p final month – a report drop, in keeping with new figures.

The RAC stated the common worth per litre was now 147p, down from 158.9p initially of Could – making it the seventh consecutive month costs have fallen.

It means the price of a typical 55-litre tank is round £6.50 cheaper.

Nonetheless, the RAC stated the autumn must be higher to completely replicate adjustments within the wholesale market.

Petrol costs additionally fell by round 3p in Could, from 146.5p to 143.3p.

The Competitors and Markets Authority stated in Could that rising costs in 2022 appeared to partially replicate “some weakening of competitors”.

RAC gasoline spokesman Simon Williams stated: “After calling for large pump worth cuts for weeks, we had been happy to see that Could was the month when this lastly occurred.

“The very fact it seems to have been prompted by the Competitors and Markets Authority’s mid-month announcement about weakening competitors in gasoline retailing is definitely not a coincidence.

“A 12p discount within the worth of diesel in a single month is one thing we’ve not seen in practically 23 years of monitoring costs.

“However regardless of this, it is nonetheless galling to see {that a} litre of diesel is 8.5p cheaper in Northern Eire than it’s in the remainder of the UK.

“This factors to a extra clear and aggressive gasoline market there, one thing drivers in the remainder of the UK would very very like to see, notably with cash being so tight within the cost-of-living disaster.”

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Chancellor comfortable with recession if it brings down inflation

Gasoline costs started to extend initially of 2022, partly pushed by pressures available on the market offered by the struggle in Ukraine and sanctions on Russian corporations.

UK inflation has eased in current weeks, helped by falling vitality costs, however meals costs stay excessive.