Will Petrol Prices Go Down? Oil Hits Lowest Since August as AA Says 10p Cut Possible

12th November 2026

Updated 12 Nov 2026, 09:05 · First published 12 Nov 2026

Petrol prices in the UK could be about to fall further after the price of oil dropped to its lowest level since August. Brent crude slipped below $90 a barrel this week after Donald Trump said the war with Iran was “effectively over”, and the AA says wholesale costs point to another cut of around 10p a litre at the pumps.

Fuel prices: the key numbers

Brent crudeBelow $90 a barrel – lowest since 31 August

Average petrol (AA)169.7p a litre, down 5p since early October

Possible further cutAround 10p a litre, based on wholesale prices (AA)

WhyOil fell after Trump said the Iran war is “effectively over”

Will petrol prices go down?

Probably, but not overnight. The AA said this week that the average price of a litre of petrol had already fallen by 5p since early October, to 169.7p. It said wholesale fuel markets suggest there is room for a further cut of around 10p a litre.

Pump prices usually follow wholesale costs with a delay of a couple of weeks, which is why motoring groups watch the oil price closely and press retailers to pass on cuts quickly.

Why has the oil price fallen?

Brent crude, the global benchmark, fell nearly 3% to $89.66 a barrel on Tuesday, its lowest since 31 August, after dropping almost 6% on Monday. It fell by more than a dollar again on Wednesday.

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The falls came after President Trump said the US war with Iran was “effectively over”, easing fears that oil supplies from the Middle East could be disrupted. Worries that there is too much oil on the market have also weighed on prices.

What Trump said

“At this point, taking the military action doesn’t seem to be a very necessary thing.”

Donald Trump, US President

What does it mean for diesel?

Diesel prices climbed sharply while the conflict pushed up energy costs. Lower crude prices should also feed through to diesel over time, though the timing depends on refinery and wholesale costs as well as the price of oil itself.

How can I find cheaper fuel?

Supermarket forecourts are usually the cheapest places to fill up. Prices can vary by several pence a litre between stations in the same town, so it is worth checking prices before you travel.

Photo: alvarog1970 / Shutterstock. Sources: AA, ICE Futures (Brent crude), White House remarks.