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Petrol set to drop below £1 a litre

Where were we just 12 months ago with the price of oil and the price of petrol? Can anyone remember?

Thankfully we seem set for some good news on the price of petrol in the UK as the price of oil has fallen again to a level around $80 a barrel. When you consider just a few short weeks ago there were many people forecasting $200 a barrel and upwards for oil in the short to medium term, where has all the enthusiasm gone?

It seems as though the ongoing worldwide recession, although not officially confirmed, has and will continue to see demand for oil fall in the short to medium term. This impact has been greater than the perceived long term shortage of oil and investors have left the oil market in their droves. It looks as though the UK will see petrol back to below £1 a litre in the short term (currently around 109p) although under the current economic cloud many eyes will turn to the tax take on a litre of petrol and we could yet see further problems for the government.

Many households will be breathing a sigh of relief at the sudden collapse in the price of oil, but will all of the benefit reach those who need it?

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