Time to set the champagne corks popping, or at least allow yourself another half-glass of vin ordinaire.

What is the occasion for this celebration? It is the news that fuel prices have been tipped to drop below £1 per litre for the first time in more than five years.

Diesel’s price has been steadily falling since May 2015, pushed down by increased capacity from Asia, and by August 2015 it has dropped below that of petrol for the first time in 14 years.

Now falling oil prices have seen supermarkets cut the cost of unleaded by 2p per litre. Great news, then, but why not take a cue from these cheaper prices and save even more money on fuel?

The annual MPG Marathon shows what can be done, with 2014’s winning performance of 97.9mpg achieved by a Honda Civic 1.6 diesel estate. The event is staged over two days and 300miles, with 2015’s challenge set for September 29 to 30 in Oxfordshire.

One entrant, Ben Wilson, 2015’s RAC ‘Patrol of the Year’, is tackling the run in his new Mercedes Vito van, including a full load of 500 parts and tools.

The van comes with efficiency features, including a system that charges the battery during coasting or braking, fuel-efficient tyres and an eco start-stop function. It is equipment fitted to an increasing number of makes and models of cars.

But, even without the latest hi-tech kit, most of us could save fuel (and cash) by following a handful of simple motoring tips, including:

Less is more (money).

When you drive a car that has been parked for a few hours, it uses much more fuel for the first five miles or so. Try to make fewer trips, combining daily errands into one journey.

Timing is everything.

Every time that you stop and start in traffic, your car needs a huge amount of fuel to get moving again. The best solution is to avoid the jams … time trips to avoid the rush hour.

Shut it!

When you are moving quickly, the shape of your car is very important - the sleeker the better to cut drag (wind resistance), saving power and fuel. So help smooth that shape by shutting windows and sunroof.

What a drag

Even if a roof rack is empty, it increases drag, while the wind-resistance of a roof box takes an even greater toll on fuel. Stow them away when you're not using them.

Keep it light

The more weight your car carries, the more fuel it needs to move along. So, don't cart stuff around in the boot unless you need it.

Easy does it

The fuel-conscious way to drive is at a constant speed (ideally 50mph), and in the highest gear. So if you are a patient driver, you'll become a stranger to the filling station.

Footwork

Resist the temptation to be heavy-footed. You may be in a high gear and driving at a sensible speed, but if you push the accelerator down a long way to avoid changing into a lower gear (to third from fourth, say), then you use more fuel.

Air we go

Air-conditioning is a great feature but the pump that operates it makes a demand on fuel, so switch off air con when the weather’s not hot.

It’s the limit

If you ignored the law (not something we advocate) you might cut the duration of a motorway trip by driving at 80mph instead of 70mph. But, while saving time, the increased demand on the engine makes for a heavy cost in fuel.

Under pressure

Take five minutes every fortnight to check the pressure of your car’s tyres. Under-inflation means the engine has to work harder to turn the wheels, using more fuel.

The cash you save could buy that champagne!