Petrol could fall back to 110p: Drivers in line for further savings at the pumps as oil price tumbles
Motorists could be in line for further savings at the petrol pumps as the price of oil continues to tumble.
Fuel prices are at their lowest level since the start of the year – with motorists paying about 5p less per litre of petrol and 6p less on diesel than in February. It reflects the slide in the price of a barrel of Brent crude from $57 in February to $45 last night.
Brian Madderson, chair of the Petrol Retailers’ Association, said petrol could fall to between 112p and 110p a litre, down from its current low of 115.12p. But he cautioned the fall in the pound could slow the rate of change, as oil is traded in dollars.
Motorists will now be hoping for a reinvigorated price war between the four big supermarket fuel retailers.
note to editors
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.