Petrol prices to fall further on oil glut

MOTORISTS could be in line for further savings at the petrol pumps as the price of oil continues to tumble.

Fuel prices are at their lowest level since the start of the year – with motorists paying about 5p less per litre of petrol and 6p less on diesel than in February.

It reflects the slide in the price of a barrel of Brent crude from $57 in February to $45 last night.

Experts believe that could fall even further despite efforts by the cartel of oil-producing nations, Opec, to increase fuel prices by cutting production.

Brian Madderson, chair of the Petrol Retailers’ Association, said petrol could fall to between 112p and 110p a litre, down from its current low of 115.12p. But he cautioned the fall in the pound could slow the rate of change, as oil is traded in dollars.