Whisper it quietly, but 2015 could see a year of falling fuel costs due to a drop in the price of global oil.
It is predicted that in the first quarter of 2015 Crude oil will fall to $75 a barrel and Brent $85 a barrel. That is down by $15 from previous forecast. It is then predicted to fall another $5 a barrel across the board later in the year.
This drop in oil price has been helped due to an oversupply of shale gas, this will have a knock on effect and drop the cost of fuel. The supermarkets have already reacted to these price drops and passed the saving on. Over the last few weeks we have seen the major chains drop Prices by 2p per litre. These are the lowest prices since December 2010.
The RAC is calling for Motorway Service stations to drop their prices as they can cost up to 10p per litre more than the national average. Many people feel they are held to ransom with prices this inflated.
In May 2013 as part of a government review our PM David Cameron said motorway services could be forced to advertise their fuel prices in advance informing motorists. As to date no progress has been made on this topic.
The good news is that the current national average for Petrol is £1.22 per litre and Diesel is £1.27 per litre. This is the eighth week in a row we have seen a drop. Let’s hope this continues as predicted for 2015.
Happy motoring people, and for any assistance call us on 01243 510650.