Petrol prices could soon drop to the lowest level seen since May 2009, as the RAC predicts that they will fall below £1 a litre in the New Year.
The prediction is based on the price of crude oil, which recently dropped to below $59 a barrel (£37.60) and is expected to continue decreasing. Moreover, petrol is now cheaper than it was at the start of 2014. The current average price of a litre of petrol is 116.9p, almost 14p cheaper than it was at the beginning of the year, reports sky.com.
Diesel, on the other hand, is almost 16p cheaper with the average cost per litre falling from 138.24p in January to 122.33p. Motorists can get an even better deal on their fuel by visiting a supermarket, as the RAC says average prices for petrol and diesel at these forecourts currently stand at 114.26p and 120.18p per litre respectively, reports bbc.co.uk.
RAC fuel spokesman Simon Williams said: "What's currently happening at the pumps with falling fuel prices is something many motorists will not remember seeing before.
"Talk of prices going up like a rocket and falling like a feather could not be further from the truth as retailers have been quick to pass on savings at the forecourt since we forecast on December 6 that prices were due to come down by 7p a litre for petrol and 6p for diesel."