The cost of petrol could drop back to €1.30 a gallon in two weeks time after the price of crude oil plummet to below €100 a barrel on the back of the global financial crisis.
The cost of petrol could drop back to €1.30 a gallon in two weeks time after the price of crude oil plummet to below €100 a barrel on the back of the global financial crisis.
Petrol stations are under pressure to drop the price of petrol as early as this weekend, but the main fall reflecting the fact that the price of Brent Crude was trading at around €99 on Tuesday, August 8, should kick in in two weeks.
The cost of oil has fallen as investors fear last week’s decision by credit rating agency Standard & Poor’s to downgrade America’s AAA debt rating will undermine consumer confidence and depress spending and travel.
Garages are usually quick to pass on rises and falls and the combined effect of the fall in oil price and the slight weakening in the dollar means prices should stay depressed.
Pumps.ie, which monitors the cost of petrol across the country through crowd-sourcing or consumer feedback, expects the cost of unleaded to drop to €1.39 and diesel to €1.31 if oil stays at €99 a barrel.
The website, which monitors petrol prices around the country, shows petrol prices are currently averaging at €1.59c for unleaded and €1.43 for diesel.
