The price of Brent crude – the global benchmark for prices – has fallen below $100 a barrel for the first time since the start of March.
The RAC has said it is “vital” that fuel retailers start passing on falling wholesale prices to consumers.
Petrol prices hit another record high on Monday, meaning it costs more than £90 to fill a family car, the RAC said.
The average price of a litre of petrol rose to 163.71p on Monday, and diesel also hit a fresh record of 173.68p.
Oil prices soared after Russia invaded Ukraine, with the price of Brent crude oil hitting a near 14-year high at one point.
But in the past few days, the price of oil has dropped due to a number of factors, including hopes of progress in ceasefire talks between Russia and Ukraine, and also expectations that demand from China will ease as Covid cases there surge.
Brent crude fell to about $98 a barrel on Tuesday.
RAC fuel spokesman Simon Williams said that although petrol prices were at record highs, drivers “should be encouraged” by the fall in oil and wholesale prices.
“It’s now vital that the biggest retailers who buy fuel most often start to reflect these reductions at the pumps to give drivers a much-needed break from the pain of constantly rising prices,” he added.
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