According to RAC Fuel Watch, the discounts are down to a fall in the price of oil with barrels dropping from above $80 to just under $70 now.
Simon Williams, RAC’s head of policy, said they expected retailers to axe prices as soon as this week.
Simon explained: “Drivers have had to endure five months of rising prices, so it’s good news wholesale prices have fallen significantly, and forecourt totem signs should soon be reflecting this.
“We expect retailers to start to cut prices this week as more buy in new supply at lower prices.
“As long as the cost of a barrel of crude oil stays around the $70-mark, we believe there’s a chance drivers could see petrol heading back down towards 130p a litre.”
A discount would be welcomed after months of slowly increasing costs has left petrol and diesel fees at a six-month high.
The cost of unleaded petrol was up by 0.65p per litre in February with national averages at their highest rate since September.
Analysis suggested that topping up a 55-litre family car with petrol would set road users back around £76.81.
Diesel also went up in February, with rates increasing by 0.73p per litre.
Simon added: “As always in a falling market, much will depend on how fully retailers decide to pass on these wholesale savings at the pumps.
“The old ‘rocket and feather’ saying about prices going up like a rocket and falling like a feather will hopefully be proved wrong this time around.”
