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UK Petrol prices plummet to lowest level in four years

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&nbsp;Monday, Sep 12th 2022| 74Petrol prices across the country have dipped to their lowest level in nearly four years, new figures have revealed.&nbsp;&nbsp;The average cost of petrol at UK forecourts is £1.09 per litre, according to Government data, showing an all-time low in fuel price since May 2016.&nbsp;Some retailers are pricing their petrol at less than £1 per litre, as costs slash amid the ongoing crisis and uncertainty which surrounds the UK.Petrol prices across the country have dipped to their lowest level in nearly four years, new figures have revealed&nbsp;sharesFilling up a 55-litre family car is around £10 cheaper today than in late January. Now, diesel costs an average of £1.16p per litre, which is the lowest level on record since July 2017.A lack of demand is having an impact, with the number of motorists able to take advantage of the cheaper fuel being limited due to Government legislation.&nbsp;The country has been ordered to only go outside for food, health reasons or to commute if they cannot work from home.Department for Transport figures show that road traffic is around two-thirds lower than normal.The drop in fuel prices is due to the price of oil falling off since the beginning of the year, with Brent crude, the international standard, briefly dropping below 25 US dollars per barrel two weeks ago. Analysts had put the fall - from around 64 dollars at the start of January - down to the double pressure from a production dispute between Saudi Arabia and Russia, and falling demand due to the coronavirus pandemic.When Russia, the Saudis and other allies eventually agreed to the biggest production cuts in history last week, oil rose again.Saudi Arabia, which produces around 10 per cent of global supplies, decided to slash prices and ramp up production after Russia initially refused to go along with planned cuts.&nbsp;But this week demand has dominated the narrative. Brent dropped a further 5 per cent to 28.27 dollars on Wednesday after the International Energy Agency warned producers to expect the lowest global oil demand in 25 years this month.Share what you thinkThe comments below have not been moderated.The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.We are no longer accepting comments on this article.Published by Associated Newspapers LtdPart of the Daily Mail, The Mail on Sunday &amp; Metro Media Group&nbsp;&nbsp;&nbsp;

&nbsp;Monday, Sep 12th 2022| 74Petrol prices across the country have dipped to their lowest level in nearly four years, new figures have revealed.&nbsp;&nbsp;The average cost of petrol at UK forecourts is £1.09 per litre, according to Government data, showing an all-time low in fuel price since May 2016.&nbsp;Some retailers are pricing their petrol at less than £1 per litre, as costs slash amid the ongoing crisis and uncertainty which surrounds the UK.Petrol prices across the country have dipped to their lowest level in nearly four years, new figures have revealed&nbsp;sharesFilling up a...

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Danny Gallagher For Mailonline

Danny Gallagher

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UK Petrol prices plummet to lowest level in four years

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