Petrol will soon cost less than bottled water as the relentless decline in oil prices sends fuel down to 86p a litre, it has been claimed.
Brent crude fell to below $30 a barrel for the first time since 2004 recently – and has fallen by more 73pc since reaching highs of $115 last summer.
Motoring group RAC said pump prices now could fall back to levels last seen in the aftermath of the financial crisis in 2009, if the commodity plunges to as low as $10, a forecast made by Standard Chartered bank earlier this week.
At 86p, petrol would be cheaper than most supermarket varieties of bottled water, said Simon Williams, spokesman for RAC.
“Motorists can expect some really low fuel prices in 2016,” said Mr Williams.
Unleaded petrol has fallen below £1 per litre for the first time since 2009, with diesel also falling below the same level last week. Average prices across the UK remain at 102.5ppl for petrol and 103.2ppl for diesel.
The collapse in oil prices has been driven by Opec’s decision to maintain record production in the face of dwindling demand.
Source: The Telegraph
The continued low prices in oil is good news for our heating oil customers. For the latest heating oil prices and delivery please contact us.