Petrol prices could drop under £1 a litre

Petrol could cost below �1 a litre in the new year. Picture: PA
Petrol could cost below �1 a litre in the new year. Picture: PA
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PETROL prices could fall below £1 a litre in the new year, the RAC has said.

The motoring organisation is optimistic the drop in price will happen as a result of the plummeting global oil price.

It is the first time in six years the price of petrol will be below a £1 a litre.

The current average price of a litre of petrol is 116.9p, while diesel is 122.33p a litre.

Fuel at supermarket pumps currently costs 114.26p on average for a litre for petrol and 120.18p for diesel.

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.

‘The cost of going to visit family and friends this Christmas will be the cheapest it’s been for nearly five years, but the prospect of petrol going below £1 a litre in the new year is incredible, particularly when prices at the beginning of 2014 seemed to be heading ever upwards.’

What do you think about the current price of petrol, and the potential for it to cost less than £1 a litre in the new year?

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