Petrol prices have fallen to their lowest average since early April, and the trend looks likely to continue.
Drivers are seeing savings of nearly 5p per litre since late May, with some forecourts already offering petrol below the 150p mark.
According to the RAC, the national average has dropped from 159.53p per litre on May 28 to 154.72p on Thursday.
Simon Williams, head of policy at the RAC, said: "The diesel drop has been even more dramatic having come down by 17p a litre from 191.54p on 15 April to 174.3p which means drivers are saving £9.50 every time they fill up."
"Even more positively, the rate of reduction ought to accelerate as the price of a barrel of oil has been under $80 for the last two days – something we haven’t seen since the start of March."
He predicted that average petrol prices could fall below 150p per litre in the coming days, with diesel expected to drop below 170p.
The price falls follow the US and Iran signing a deal to end the war and lay the foundations for the crucial Strait of Hormuz crude oil shipping lane to be reopened after months of blockages.
In Essex, several stations are already offering prices lower than the national average.
In Braintree, Shell and Sainsbury’s are both selling unleaded petrol at 145.9p - the lowest in the county.
Gulf in Billericay and EG On The Move in Basildon are both selling unleaded at 148.7p, while Gulf in Chelmsford is at 149.9p.
Diesel prices are also down, with the lowest reported at 165.9p per litre at Shell in Abridge.
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Shell, Tesco, Sainsbury’s, and Jet stations in Braintree are offering diesel at 167.9p, while Gulf stations in Billericay and Chelmsford are slightly higher at 169.7p and 169.9p respectively.
RAC's Simon Williams added: "Drivers can now expect to see the average pump price of petrol drop below 150p in the next week or so, while diesel should drop back under 170p."
He also suggested that further reductions could be on the horizon if oil prices remain low.
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