THE price of petrol has plunged to less than six times the price of the oil it comes from for the first time in a decade.
Oil, which cost almost $150 a barrel back in 2008, has now dropped by 73 per cent to just $40 a barrel, meaning a price cut at the petrol pump of up to 9p a litre.
Motorist Stephen Malley said: “These savings are incredible.
“I’ve literally got an extra £5 to £7.50 in my pocket every week, which makes a significant dent in the spiralling cost of my household energy bills.
“And they say that oil may drop to only $20 a barrel in the near future, which could mean another 1p or even 2p off a litre provided I only buy petrol at supermarkets and never at rural garages or at motorway service stations.”
A spokesman for Royal Dutch Shell said: “Reluctantly, we may be forced to raise prices in order to protect our short-term profit margins, ensuring stability for consumers.
“We anticipate this won’t adversely affect sales because it’s not like anyone has any choice.”