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Petrol could be less than £1 a litre in 2015, says RAC

Date: 17 December 2014   |   Author: Daniel Puddicombe

Petrol could be sold for under £1 a litre as a result of plummeting oil prices, according to motoring organisation the RAC.

The price of crude oil has fallen below $60 (£38) for the first time since July 2009 and the industry is predicting the price to fall further after the Organisation of the Petroleum Exporting  Countries indicated it will not stop production if the price of oil drops below $40 (£25) a barrel.

In July 2009 the average price of petrol was 103p a litre and diesel was 104p a litre. The RAC said it is hopeful petrol will be sold nationally for under a pound a litre in the first few months of 2015.

As of 14 December 2014 the price of petrol was 116p, which the firm said was 13.89p a litre cheaper than at the start of the year, while diesel is 122p a litre now compared to 138p in January.

"What's currently happening at the pumps with falling fuel prices is something many company car drivers and fleet managers will not remember seeing before. Talk of prices going up like a rocket and falling like a feather could not be further from the truth as retailers have been quick to pass on savings at the forecourt since the RAC forecast on 6 December that prices were due to come down by 7p a litre for petrol and 6p for diesel," said RAC fuel spokesman Simon Williams.