Are diesel prices finally returning to normal?

The cost of running a car has been far greater than ever in recent times. And we have no doubt that many of the people driving diesel cars have certainly felt the pinch when it comes to fuel prices over the last couple of years.

Today, cost-effectiveness is paramount when it comes to driving and flexible car hire is one way to get a competitive advantage. Here at Intack Self Drive, we're one of the UK's most dependable suppliers of flexi rental, car hire, and van hire services, so we’re aware of the benefits that using our hiring options give our customers. It’s a surefire way to enjoy all the benefits of a car and travelling without the financial stress of owning or using your own vehicle - especially when fuel prices are ever-changing.

Fortunately for all of us though, it finally seems that diesel prices are finally on their way back down after what feels like a lifetime of huge price increases, ones which have spanned the entire country. But question is: are diesel prices finally returning to normal or just simply dropping?

Why are fuel prices so high?

Before we dive headfirst into the most recent developments in diesel prices, let’s take a quick look at the proposed reasoning behind why the prices are so much higher in the first place. Unfortunately, there isn’t a clearly defined answer as to the root cause. Many economists cited the war between Russia and the Ukraine as the potential cause for the price hike, but prices were already on the rise before the war began due to the easing of Covid-19 lockdown regulations.

Though when Russia - a major global player in the oil industry - invaded Ukraine it sparked numerous concerns about global supplies according to the BBC. However, ever since the fuel companies posted their higher than average end-of-year financial results, it left many questioning whether or not this was entirely the reason.

Are diesel prices dropping?

Diesel prices are dropping, but they aren’t quite returning to normal just yet. In May 2023 the RAC stated that the average diesel fuel prices fell by 12p a litre, becoming the largest cut they’ve ever seen since they began tracking fuel prices in 2000. May marked the seventh consecutive month in which the price of diesel had fallen. It’s dropped so far, in fact, the wholesale price of diesel had been lower than that of petrol for over 10 weeks (at the time of the report), meaning that as of June 2023 it was already typically around £6.50 cheaper to fill a 55-litre than previously.

Despite this staggering decrease in prices, the RAC have maintained that while this drop in diesel prices is certainly record-breaking, as far as they’re concerned it’s long overdue. So they’re hoping that diesel prices will continue falling for a little while yet – but we’ll see what the market conditions are like!

How to find the cheapest fuel

Fuel prices may be decreasing to more affordable rates in many areas - but this isn’t a blanket statement that can be applied everywhere. Certain petrol stations are cheaper than others and vice versa (fuel is almost always more expensive on motorway service stations, for example). So if you’re looking to get the best deal on fuel you can find, we’d avoid filling up on the motorway!

To compare fuel prices today, the RAC has a petrol and diesel price monitoring initiative called Fuel Watch, in which they monitor wholesale, retailer, supermarket and pump prices daily. The RAC also has an app available to help customers locate the best diesel and petrol prices and the cheapest locations to fill up their car, which is a brilliant tool for those looking to fill up the tank before a long journey.

When you rent a vehicle with us here at Intack Self Drive, you never have to worry about filling up before you start your journey! All our vehicles here leave with a full tank and are available to rent through daily hire or outstanding Flexi hire services. No matter where your intended destination is, we’ll have a vehicle that suits your requirements.

With over 50 years of car hire, minibus hire, and van hire experience under our belt, we’re always ready to help our customers with all of their vehicle hire needs. Ready to get started? You can check out the best hire deals right here on our site, or give us a call on 01254 57811 and we’ll be happy to assist you!