Average UK prices dipped from 106.4p a litre in mid-October to 94.86p a litre in mid-November. The 11.54p drop comfortably beat the previous record fall of 7.9p between mid-August and mid-September this year and is the biggest monthly fall the motoring group has calculated since it started records in the early 1990s.
The fall in petrol prices is one of the main reasons why inflation dropped so sharply in October. It is the latest evidence that tumbling commodity prices around the world are finally feeding through to lower costs for consumers, but experts warn that price falls are subdued because of the plunging value of the pound.
Oil is bought in dollars but sold in sterling, which means consumers have failed to fully benefit from the 65 per cent fall in the price of oil in the summer, down from a high of $147.
Petrolprices.com, the price comparison website, also points out that there are still 124 forecourts around the country that are charging more than £1 a litre for unleaded petrol.
The garages are mostly in Scotland, Cumbria and West Midlands.
And while prices have dropped substantially in the last month, they are still higher than a year ago for diesel drivers.
Diesel prices fell 8.86p a litre in the last month - dipping from an average of 117.68p a litre in mid-October to 108.82p in mid-November. This compares to an average price of 105p a litre a year ago.
The AA said the big reduction in the price of petrol at the pumps had cut the cost of a 50-litre tank refill by £5.77 and reduced the monthly petrol cost of a two-car family by £24.73.
AA president Edmund King said: "Tesco set the momentum of big price falls with their 3p drop midway through October. However, Asda and Morrisons remain the cheapest supermarkets to buy petrol - on average almost a penny cheaper than their two bigger rivals.
"However, the reality is that with the value of the pound against the dollar dropping more than 13 per cent in the past month, some fuel stations would be charging close to 90p a litre."
The fall in petrol prices is one of the main reasons why inflation dropped so sharply in October. It is the latest evidence that tumbling commodity prices around the world are finally feeding through to lower costs for consumers, but experts warn that price falls are subdued because of the plunging value of the pound.
Oil is bought in dollars but sold in sterling, which means consumers have failed to fully benefit from the 65 per cent fall in the price of oil in the summer, down from a high of $147.
Petrolprices.com, the price comparison website, also points out that there are still 124 forecourts around the country that are charging more than £1 a litre for unleaded petrol.
The garages are mostly in Scotland, Cumbria and West Midlands.
And while prices have dropped substantially in the last month, they are still higher than a year ago for diesel drivers.
Diesel prices fell 8.86p a litre in the last month - dipping from an average of 117.68p a litre in mid-October to 108.82p in mid-November. This compares to an average price of 105p a litre a year ago.
The AA said the big reduction in the price of petrol at the pumps had cut the cost of a 50-litre tank refill by £5.77 and reduced the monthly petrol cost of a two-car family by £24.73.
AA president Edmund King said: "Tesco set the momentum of big price falls with their 3p drop midway through October. However, Asda and Morrisons remain the cheapest supermarkets to buy petrol - on average almost a penny cheaper than their two bigger rivals.
"However, the reality is that with the value of the pound against the dollar dropping more than 13 per cent in the past month, some fuel stations would be charging close to 90p a litre."
Source: The Telegraph|By Harry Wallop
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