New data from the RAC shows that the average price of diesel in the UK has dropped by 11.78p per litre from 2022. Meanwhile, the average price of unleaded petrol has fallen by 17.49p.
In 2022, the average figure for both diesel and unleaded petrol prices reached the highest level seen in the 21st century. While the price of both has now dropped, neither is close to the rates that could be expected before 2021.
RAC fuel spokesman Simon Williams said: “A 12p reduction in the price of diesel in one month is something we haven’t seen in nearly 23 years of monitoring prices. But despite this, it’s still galling to see that a litre of diesel is 8.5p cheaper in Northern Ireland than it is in the rest of the UK.
“This points to a more transparent and competitive fuel market there, something drivers in the rest of the UK would very much like to see, particularly with money being so tight in the cost-of-living crisis.”
Despite an industry-wide focus on reaching net zero targets, diesel is still the most common fuel type for commercial vehicles. Data from the Department for Transport (DfT) and the Driver and Vehicle Licensing Agency (DVLA) shows that 99.1% of HGVs and 95.9% of LCVs licensed for use on UK roads in Q3 2022 were diesel-fuelled.
In the same time period, battery electric vehicles only accounted for 0.2% of HGVs and 0.9% of LCVs.
The impact of inflation has definitely been felt by the logistics industry as several aspects of the supply chain have become more costly to operate so a drop in fuel prices will be welcomed by fleet operators.