Diesel prices set to tumble

August 4, 2015 | By | In News

Diesel drivers have been enjoying a fall in prices which has led to the fuel they use costing less than petrol for the first time since 2001.

Experts are predicting that diesel prices are set to fall to around £1.11 per litre.

This could see families saving up to £3 when filling up the average 55-litre diesel car.

Supermarket competition has also contributed to falling prices, with rival stores attempting to match prices with each other.

RAC fuel spokesman Simon Williams has said that July was “a month of good news for motorists with diesel vehicles”.

These combined reasons have come as a result of oil prices falling below 60 US dollars a barrel on July 3rd. It has stayed there ever since. In one four-week spell, the oil price per barrel fell 9% from 61 to 52 US dollars.

Two new refineries have been built in Saudi Arabia to produce diesel in response to greater demand from European countries and this has also contributed to the prices that motorists are enjoying at the pumps.

The news is a welcome boost to families looking to travel within the summer holidays, with fuel costs making up a large part of the costs that people travelling by car have to incur.

Prices are lower than the £1.13 average price that was reached in January following the price of oil hitting a six-year low of 45 US dollars a barrel.

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