Tumbling crude oil prices could see motorists paying less money for a litre of petrol than they do for bottled water, according to the RAC.
With some analysts predicting that the price of oil could dip below $10 a barrel this year, petrol prices could fall to as little as 86p per litre if the pound doesn’t further weaken against the dollar.
Oil and water
At 86p, petrol would be cheaper than the majority of supermarket varieties of bottled water, which can often cost more than that for 500ml or 750ml, let alone a litre.
In the last six weeks, the price of Brent crude oil has fallen by 30 per cent to just over $30 a barrel, but the RAC says that it’s still concerned that many drivers are still missing out on the lower prices.
Simon Williams, fuel spokesman for the RAC, said: “Breaking through the pound a litre price point for both petrol and diesel was clearly a welcome landmark, but it looks as though there is more to come.
Some drivers still not seeing the benefits
“At the moment, however, we have a situation where retailers still need to pass on more wholesale price savings on diesel to motorists at the pump, as the wholesale price is still 3p a litre cheaper than that of petrol.”
He added: “In many areas of the UK the price of fuel is sadly far higher than it should be: we would urge every fuel retailer to price fuel on their forecourts so that it more fairly reflects wholesale prices.”