UK diesel price drops record 16.6p per litre in June

The average price of diesel in the United Kingdom fell by a record 16.6 pence per litre during June, marking the largest monthly decline since records began in 2000. The price dropped from 183.8p at the start of the month to 167.1p by the end, according to data from the RAC.

The significant reduction at the pumps followed a dramatic fall in global oil prices, triggered by an easing of tensions in the Middle East. A deal between the United States and Iran to end the conflict enabled more tankers to pass through the crucial Strait of Hormuz. This saw the price of Brent crude oil, the international benchmark, fall from approximately $93 to $73 per barrel over the month, returning to the same level as when the conflict began on February 28.

The average price of petrol also fell sharply in June, dropping by 8p per litre from 159.4p to 151.4p. For drivers, the RAC estimates the savings translate to roughly £9 less to fill a typical 55-litre diesel car tank compared to the start of June, and about £4.40 less for a petrol car.

RAC head of policy Simon Williams said June had been a far better month for drivers following the peace deal announcement. He noted that oil prices had fallen...