New data from RAC Fuel Watch reveals that the average price of unleaded petrol in the UK decreased to 131.91p per litre in January. This marks a reduction of 3p per litre compared to previous levels, reaching the lowest price seen since 2021.
The decline in petrol prices follows recent changes in global oil markets and domestic fuel taxation, contributing to lower costs at the pump for consumers.
**Why this matters**
Lower petrol prices can reduce transportation and commuting expenses for individuals and businesses, potentially easing inflationary pressures. This change may also influence consumer behavior and economic activity related to travel and fuel consumption.
Source: NewsData