RAC says petrol could hit GBP1 per litre in 'weeks'

British petrol prices could fall to £1 a litre within weeks as declines in the wholsale price are passed on the consumer, according to the motoring organisation RAC.

RAC chief engineer David Bizley told BBC Radio 4’s Today programme that changes in wholesale prices usually take a fortnight to reach the consumer.

“There’s a very good chance that, within a few weeks, people will be selling fuel at £1.01. And then the temptation to move that extra penny or so will be unavoidable”, he said.

Earlier this week the Carlyle Group-owned firm asked oil companies to pass on the recent drops to consumers.

Brent Crude fell from a recent peak of $51.34 a barrel on 3 November 2015, to $44.18 on 19 November. Wholesale unleaded petrol prices on Thursday were 84.31p per litre, according to Freight Transport Association figures.

The average forecourt price of unleaded petrol on Friday morning was around £1.05-£1.07 per litre.

Petrol prices in Britain had not strayed below the £1 mark since mid-2009, RAC reported.