Data from PetrolPrices.com shows that the national average price of unleaded has fallen every day for the last month, thanks to lower oil prices and competition between retailers. However, recent price cuts have meant that the difference between the highest and lowest priced fuel is at its highest ever.
The price of unleaded has dropped 6p, whilst diesel has fallen 7.2p over the same period, taking average prices back to those of late May.
Only a handful of retailers have slashed prices, meaning the gap between the highest and lowest priced fuel is wider than ever - 25p for diesel and 20p for unleaded, compared to a normal differential of 17p. This means it is more important than ever to compare fuel prices and shop around.
The price drops are the first significant reduction in the price of fuel since August 2006 when the supermarkets sparked price war which resulted in a 12.5p and 8p reduction in the cost of unleaded and diesel respectively between August and November.
The national average price of petrol peaked on the 18th July, at 119.5p for unleaded and 133.0p for diesel. The latest data shows that unleaded has dropped to 113.5p and diesel to 125.8p
Out of the 4 countries, the average price of diesel in Scotland has dropped the most in the last month - 7.9p, from 134.5p to 127.6p. Diesel in Northern Ireland has dropped the least - 4.8p, from 133.8 to 129.0p.
"With prices changing on a daily basis there's never been a more important time to shop around for fuel. As prices are being cut the gap between the highest and lowest prices widens, meaning savvy motorists can make big savings."
"Motorists can actually help to lower fuel prices - if we all choose the cheapest fuel the most expensive stations will be forced to drop their prices."
~ Brendan McLoughlin, Founder, PetrolPrices.com.