Fuel prices across the world reduce

The price of oil on the world market has tumbled to near seven-year lows, sending fuel price reduction accross the world except in Zambia.

In UK, this will ensure petrol prices are below £1 a litre will be a near certainty across Britain in time for the great Christmas getaway.

Brent crude futures slumped more than 5 per cent yesterday to $40.7 a barrel, and traded at the lowest level since February 2009, while US crude fell 6 per cent to below $38.

The tumble followed a decision at the end of last week by the oil cartel Organisation of the Petroleum Exporting Countries (Opec) not to cut production.

The cheaper oil price is, however, good news for consumers.

In UK, RAC Fuel Watch spokesman Simon Williams said supermarkets and the cheapest retailers will now sell unleaded petrol for £1 a litre, and it could fall below this soon.

He said: ‘This is an early Christmas present for consumers. It means more pounds in the pocket for people at the most expensive time of the year. The cost of visiting family and friends at Christmas will be much cheaper.’

India, Singapore and other countries have already reduced fuel prices.


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