Petrol prices have slightly dropped for the first time since mid-April, according to reports from motoring association the AA.
Figures have shown that the average price of a litre of petrol at UK pumps went down by 0.3p between Sunday and Monday.
The price of petrol yesterday was around 191.3p, well below Sunday’s record price of 191.5p.
Diesel continued to slow down, falling by a fraction of 1p over the last two days.
The data follows RAC reports that last month’s surge in prices smashed previous records.
“Falling pump prices provide the first piece of good news in this cost of living crisis, but the reductions should be much bigger and should have started last week if not sooner,” said the AA fuel spokesperson Luke Bosdet.
“The question now is how much of the potential savings will be passed on to the consumer.”
Over the last few weeks, motoring associations such as the AA and the RAC have accused fuel retailers of profiteering, as forecourt prices continued to increase despite a fall in wholesale costs.
“With oil dropping by $10 a barrel yesterday causing wholesale prices of both petrol and diesel to fall further, even more pressure is now on the supermarkets to act and treat drivers fairly,” added the RAC’s Simon Williams.
The remarks come ahead of the Competition and Markets Authority (CMA) releasing its report on the fuel retail market tomorrow.
Launched in early June at the request of business secretary Kwasi Kwarteng, the inquiry focused on whether the 5p fuel duty cut announced in March by former Chancellor Rishi Sunak was being passed on to consumers.
Sunak – who shockingly resigned last night following the Chris Pincher row – said in late June he would consider an additional 10p cut, City A.M. reported.