The cost of filling up an average diesel car has dropped by £3 in a month as the average price of diesel at the pumps fell 5p a litre, data shows.
The fall - hailed as good news for people setting off on holidays - came as retailers began passing on the savings in the cost of wholesale diesel, which has been below that of petrol since the end of May.
At the start of the month diesel was 120.63p, but by the end it had dropped almost 5p to 115.74p, according to the RAC’s Fuel Watch data for July.
And on Wednesday July 29 the country saw the first forecourt price flip between diesel and petrol since summer 2001 with diesel at 116.28p, just below the average petrol price of 116.64p, the RAC said.
Crude oil prices are poised to fall below half where they were six months ago, before producers begin dealing with a global glut.
Brent, the global benchmark, will slide to as low as $50 a barrel in 2015, according to the median in a Bloomberg survey of 17 analysts, down from the $115.71 a barrel high for the year on June 19.
The grade has already collapsed 47% since then and needs to fall further before producers clear the current glut, said five out of six respondents who gave a reason.
