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.
Brent Crude
$72.56
23:00 15/11/24
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.