Despite the average cost of petrol rising by a penny in November to 136.5 pence per litre (ppl) and diesel by 1.8ppl to 142.25ppl, it is still dwarfed by the levels in 2022.
Back then, prices averaged at 159.9ppl for petrol and 183.9ppl for diesel, according to RAC’s Fuel Watch data.
The cost to fill up a 55-litre tank of a family car is cheaper than this time last year too. For petrol drivers, it is £5.75 cheaper at £75, while prices for diesel motorists will be £6.60 less expensive at £78.
Meanwhile, the cheapest fuel costs are, on average, found in supermarket forecourts. A litre of petrol costs 133.2ppl, which is 3.3ppl cheaper than the rest of the UK.
Diesel in the supermarkets would set you back 138.6ppl on average – 3.6ppl cheaper than at other retailers.
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In terms of nations in the UK, Northern Ireland is the cheapest place to fill up your tank, costing an average of 130.6ppl to do so for a petrol motor and 135ppl for a diesel alternative.
England is the most expensive, with Scotland next and Wales the third-dearest country for fuel.
While petrol prices are lower this Christmas than the previous two, the Competition and Markets Authority (CMA) said it is not satisfied that drivers are losing out due to retailers’ high profit margins.
In its fourth report into the cost of petrol, the watchdog noted: “Drivers are paying more for fuel than they should be as they continue to be squeezed by stubbornly high fuel margins.”
Simon Williams, the RAC’s head of policy, said: “Heading up to the most expensive time of year for families, it’s good to see that this Christmas is set to be the cheapest for fuel since the pandemic.
“Despite both petrol and diesel rising by a penny and two pence respectively in November, the difference to a year ago is considerable, with petrol 10.5ppl lower and diesel 12ppl less. This is great news for people making long festive journeys to visit friends and families, as it should save them around £6 on a tank of fuel compared to last year.”
Williams added: “While conditions are clearly better for drivers this Christmas than previous ones, we’re still conscious that prices at the pumps could be slightly cheaper if retailer margins were lower.
“So, it was disappointing to see last week that the Competition and Markets Authority has once again expressed concern about a lack of competition among fuel retailers. This comes on the back of the CMA concluding drivers were overcharged by £1.6bn in 2023.
“We hope the Government’s commitment at the Budget to introducing a mandatory fuel price finding scheme next year will spark competition and lead to a fairer fuel retailing landscape that delivers better value for drivers wherever they fill up.”
