Drivers across the UK are set to benefit from falling fuel prices in the coming weeks, according to new data from the RAC.
Petrol prices are expected to drop by at least 6p per litre from the current average of 139p, while diesel should fall by at least 3p per litre from its current 146p average.
The welcome update comes as fuel costs have reached a six-month high, putting pressure on motorists' budgets.
Retailers are now being urged to pass on wholesale savings to customers at the pumps, thanks to a drop in global oil prices.
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Crude oil has fallen from above $80 (£61.89) per barrel in mid-January to just under $70 (£54.14) now.
In the last week, oil has averaged $69 (£53.37) per barrel - the first time it has sustained such a low price since August 2021.
The current average prices stand at 138.98p for petrol and 145.79p for diesel, with hopes the drop in wholesale costs will be seen at the pumps.
RAC head of policy Simon Williams said: "Drivers have had to endure five months of rising prices, so it's good news wholesale prices have fallen significantly, and forecourt totem signs should soon be reflecting this.
"We expect retailers to start to cut prices this week as more buy in new supply at lower prices.
"As long as the cost of a barrel of crude oil stays around the $70-mark (£54.14), we believe there's a chance drivers could see petrol heading back down towards 130p a litre."
If prices were to fall in line with the expectations of petrol, diesel prices could potentially drop to around 140p per litre.
Northern Ireland already demonstrates how much lower prices could go across the UK, with competition forcing petrol prices down to 133p and diesel to 139p.
These prices are significantly lower - 6p cheaper for petrol and 7p cheaper for diesel - than the UK averages thanks to the Consumer Council's Fuel Price Checker.
The tool lists all areas across Northern Ireland and ranks them by how expensive the average price of petrol and diesel is to boost competition among retailers and supermarkets.
At present, Newtownabbey has the cheapest diesel at 134.9p per litre, while Strabane is charging just 128.8p for diesel.
Even the most expensive areas are cheaper than England, Scotland and Wales. Drivers in Newry are paying an average of 135.4p and 144.4p for diesel.
LATEST DEVELOPMENTS:
In 2022, the Competition and Markets Authority (CMA) found major retailers had overcharged drivers by £900million, rising to £1.6billion in 2023 across all retailers.
Last November, the CMA expressed concerns about competition intensity between fuel retailers, with many anticipating a new CMA report later this month.
Find Out More...
Petrol prices are expected to drop by at least 6p per litre from the current average of 139p, while diesel should fall by at least 3p per litre from its current 146p average.
The welcome update comes as fuel costs have reached a six-month high, putting pressure on motorists' budgets.
Retailers are now being urged to pass on wholesale savings to customers at the pumps, thanks to a drop in global oil prices.
Do you have a story you'd like to share? Get in touch by emailing [email protected]
Crude oil has fallen from above $80 (£61.89) per barrel in mid-January to just under $70 (£54.14) now.
In the last week, oil has averaged $69 (£53.37) per barrel - the first time it has sustained such a low price since August 2021.
The current average prices stand at 138.98p for petrol and 145.79p for diesel, with hopes the drop in wholesale costs will be seen at the pumps.
RAC head of policy Simon Williams said: "Drivers have had to endure five months of rising prices, so it's good news wholesale prices have fallen significantly, and forecourt totem signs should soon be reflecting this.
"We expect retailers to start to cut prices this week as more buy in new supply at lower prices.
"As long as the cost of a barrel of crude oil stays around the $70-mark (£54.14), we believe there's a chance drivers could see petrol heading back down towards 130p a litre."
If prices were to fall in line with the expectations of petrol, diesel prices could potentially drop to around 140p per litre.
Northern Ireland already demonstrates how much lower prices could go across the UK, with competition forcing petrol prices down to 133p and diesel to 139p.
These prices are significantly lower - 6p cheaper for petrol and 7p cheaper for diesel - than the UK averages thanks to the Consumer Council's Fuel Price Checker.
The tool lists all areas across Northern Ireland and ranks them by how expensive the average price of petrol and diesel is to boost competition among retailers and supermarkets.
At present, Newtownabbey has the cheapest diesel at 134.9p per litre, while Strabane is charging just 128.8p for diesel.
Even the most expensive areas are cheaper than England, Scotland and Wales. Drivers in Newry are paying an average of 135.4p and 144.4p for diesel.
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In 2022, the Competition and Markets Authority (CMA) found major retailers had overcharged drivers by £900million, rising to £1.6billion in 2023 across all retailers.
Last November, the CMA expressed concerns about competition intensity between fuel retailers, with many anticipating a new CMA report later this month.
Find Out More...