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| 'Good chance' of £1 per litre petrol, says RAC | 'Good chance' of £1 per litre petrol, says RAC |
| (about 1 hour later) | |
| There's a "very good chance" petrol prices could fall to £1 per litre, or even below, the RAC has said. | There's a "very good chance" petrol prices could fall to £1 per litre, or even below, the RAC has said. |
| The average petrol price is currently £1.07 per litre, but some supermarkets are already selling petrol at £1.03 per litre. | The average petrol price is currently £1.07 per litre, but some supermarkets are already selling petrol at £1.03 per litre. |
| A recent 2p drop in wholesale fuel prices could be passed on to consumers within a few weeks, the RAC said. | A recent 2p drop in wholesale fuel prices could be passed on to consumers within a few weeks, the RAC said. |
| According to RAC figures, the last time petrol fell below £1 was in the summer of 2009. | According to RAC figures, the last time petrol fell below £1 was in the summer of 2009. |
| A sharp fall in crude oil prices since last summer is behind falling prices at the pump. Brent Crude is now trading at around $44 per barrel. | A sharp fall in crude oil prices since last summer is behind falling prices at the pump. Brent Crude is now trading at around $44 per barrel. |
| "We've seen the wholesale price of petrol and diesel drop by a couple of pence recently," RAC chief engineer David Bizley told the BBC. | "We've seen the wholesale price of petrol and diesel drop by a couple of pence recently," RAC chief engineer David Bizley told the BBC. |
| "There's typically about two weeks lag in the system. So 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. | "There's typically about two weeks lag in the system. So 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. |
| Supermarkets use competitive petrol prices to bring people into their stores, he added. | Supermarkets use competitive petrol prices to bring people into their stores, he added. |
| Since June 2014, oil prices have more than halved, falling from more than $100 per barrel. | |
| In the UK petrol prices are also affected by how the pound is trading against the dollar, and taxation. UK fuel duty has been frozen since 2011. | In the UK petrol prices are also affected by how the pound is trading against the dollar, and taxation. UK fuel duty has been frozen since 2011. |