Fuel prices are currently at their lowest level since the beginning of the year, with drivers paying almost 5p less per litre than in February.
Fuel prices are currently at their lowest level since the beginning of the year, with drivers paying
This drop in fuel price is due to the cost of Brent crude oil dropping from $57 per barrel in February to $45 earlier this week (June).
Experts are under the impression that this could drop even further, despite efforts to increase fuel prices by cutting production.
Chair of the Petrol Retailers’ Association, Brian Madderson, has said that petrol could fall as low as 110p per litre. However, he has cautioned that the fall in the pound could slow the rate of change due to oil being traded in dollars.
Supermarkets have already begun reacting to the drop in oil prices by dropping their costs earlier this month. This is great news for Supermarket fuel users as an AA report has found that non-supermarket retailers are currently selling fuel on average 4p a litre more.