Petrol price hope as oil keeps falling
- Brent crude ended the week at around $78 per barrel
- That was down from about $81 seven days earlier
Oil prices fell for a fourth straight week as concerns about global demand mounted.
In a boost for motorists hoping for cheaper prices at the pumps, Brent crude ended the week at around $78 a barrel.
That was down from $81 seven days earlier and followed a 5 percent decline on Thursday, which was only partially reversed yesterday.
Downward trend: Oil prices have fallen nearly 20 percent since trading around $97 per barrel in late September
Oil prices have fallen nearly 20 percent since trading around $97 a barrel in late September.
The slump comes just weeks after the World Bank warned that crude oil prices could top $150 a barrel if the war between Israel and Hamas turns into a full-blown conflict in the Middle East.
Drivers have seen only some benefit from the drop in oil prices, with the average liter of petrol falling just 4 cents to 151.7 cents over the past four weeks. Diesel fell by 3.5 cents to 158.8 pa liter in the same period.
Simon Williams of the RAC branded the failure of supermarkets and other petrol stations to pass on lower prices as ‘a scandal’.
He added: ‘Prices have come down a bit, but they are not yet where they should be.
‘We call on retailers to reduce prices. Drivers should pay much less at the pump.’
Oil prices soared in the wake of Russia’s invasion of Ukraine, peaking at nearly $130 in March last year.
But yields have fallen, with the latest decline coming as China’s post-Covid recovery falters and the eurozone faces a recession, while concerns about the outlook remain in the US and UK.