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Petrol prices ‘could fall below 90p’

30/10/2008

Petrol prices could fall below 90p, experts believe, as falling oil prices and a supermarket price war continue to ease the pressure on the many motorists pushed towards debt by high fuel costs.

The average price of petrol fell to 98.63 pence per litre on Sunday, according to figures from the AA, the lowest since October 2007.

Speaking about future projections for petrol prices, a spokesperson for the AA said: “I think 88.32p [a litre] would be a good figure; that is where it started 2006 and 2007”.

Motorists are currently paying prices based on oil bought for around $100 per barrel, according to The Telegraph – meaning that $60 to $70 per barrel oil could result in significantly lower petrol prices in the near future.

A spokesperson for Debt Advisers Direct commented: “Prices falling below £1 per litre was considered a milestone, and anything below that will be welcomed by drivers.

“Increasing numbers of motorists have been pushed towards debt by rising fuel costs in the past year, and hopefully this will help to ease the situation.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements).

Government warns about rising credit card debt 05/03/2010 - The latest figures from the Bank of England (BoE) have Debt - the 12-month view 04/03/2010 - In January, UK citizens - between them - borrowed £500 Amount of `bad debt` written off reaches 16-year high 03/03/2010 - The latest figures from the Bank of England (BoE) suggest Deeper into debt: middle-class poverty 02/03/2010 - The recession has also affected a lot of people with