Fuel Prices Set To Drop To A 6 Year Low
Friday, 11. December 2015
Great news for motorists over Christmas as the oil price riggers, OPEC, fail to agree on output and therefore a price for a barrel of oil so it’s turned out to be a bit of a free for all with the cost of a barrel now dropping below $40.
Thinking of a change but unsure as to the best way to finance your car? Then you need a copy of my car finance book, Car Finance – A Simple Guide by Graham Hill. Click on the link below to buy the best car finance book on the market, available as a Kindle Book and Paper Back.
This should mean a drop of 5 pence per litre at the pumps for diesel and a drop to less than a £1 per litre for petrol. The average price for diesel is already at a 6 year low at an average of 109.18 pence per litre at the pumps. First to move is expected to be the supermarkets.
Experts suggest that we could be as close as a week away from the price drops whilst others will be reasonably quick to follow. So whilst the producers continue to refuse to cut production we will see a continued drop in prices as the world becomes awash with fuel. To put this into perspective in mid 2014 oil rose to $115 per barrel.
Compared to this time last year the RAC has calculated that we will save on an average fill up £9 on a tank of petrol and £11 on a tank of diesel. Not to be sniffed at. Keep an eye on prices as the Government has asked the sellers to pass on the savings but of course some will refuse so we should avoid using them.
Whilst some commentators have suggested that the rate drops won’t be long lived others have predicted a period of steady price drops till it flattens out around the time that OPEC are due to meet next in June 2016. With production outpacing demand it’s good news for motorists, so fill your boots! As well as your tanks! By Graham Hill
