Price of petrol may fall to £1 a litre, says RAC
The plunging price of world oil could soon see the cost of a litre of petrol dipping below £1, the RAC has said.
This would take prices at the petrol pumps to their lowest level since the end of May 2009.
The RAC said the price of Brent crude, now down below the $60-a-barrel mark for the first time since early July 2009, was predicted to keep on dropping.
The RAC added that it was hopeful petrol would be sold nationally for under £1 a litre in the first few months of the new year.
RAC fuel spokesman Simon Williams said: "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."
The RAC's monitoring of fuel prices shows the average price of a litre of petrol is 116.9p - nearly 14p a litre cheaper than at the start of the year.
Diesel is nearly 16p cheaper - 122.33p a litre now compared to 138.24p in January.