Categories: Articles

LNP – Brent crude slips below $100 per barrel for first time since March 1

The price of Brent crude – the global benchmark for prices – has fallen below $100 a barrel for the first time since the start of March.

The RAC has said it is “vital” that fuel retailers start passing on falling wholesale prices to consumers.

Petrol prices hit another record high on Monday, meaning it costs more than £90 to fill a family car, the RAC said.

The average price of a litre of petrol rose to 163.71p on Monday, and diesel also hit a fresh record of 173.68p.

Oil prices soared after Russia invaded Ukraine, with the price of Brent crude oil hitting a near 14-year high at one point.

But in the past few days, the price of oil has dropped due to a number of factors, including hopes of progress in ceasefire talks between Russia and Ukraine, and also expectations that demand from China will ease as Covid cases there surge.

Brent crude fell to about $98 a barrel on Tuesday.

RAC fuel spokesman Simon Williams said that although petrol prices were at record highs, drivers “should be encouraged” by the fall in oil and wholesale prices.

“It’s now vital that the biggest retailers who buy fuel most often start to reflect these reductions at the pumps to give drivers a much-needed break from the pain of constantly rising prices,” he added.

The AA said that the wholesale price of petrol has plummeted by 12.8p a litre since Wednesday.

Luke Bosdet from the AA said: “We should be seeing these record prices level off and start to fall away later this week. If not, MPs who are being deluged by complaints from angry constituents, need to be asking questions in Parliament.

“The government is under intense pressure from the cost of living crisis. They don’t need the fuel trade to ‘feather’ a potential drop in pump prices.”

The Petrol Retailers Association, which represents independent forecourts, said it would expect prices to fall when fresh stock is delivered.

Gordon Balmer, the PRA’s Executive Director, said forecourts bought from suppliers based on a price with one or two days’ lag, or in some cases a week’s lag. This means it can take a few days for wholesale prices to filter through to the pumps.

Tyronne Jayamanne

View Comments

Recent Posts

LNP – Sri Lanka: One of the best ethical and sustainable sourcing destinations

Sri Lanka Embassy in Brussels participated at the European Parliament “Fair Trade Breakfast-2024”, on 13…

7 hours ago

LNP – Jetstar Asia eyes Colombo as key market for regional growth and tourism

etstar Asia yesterday launched its Colombo-Singapore direct route positioning itself as the only low-cost carrier…

9 hours ago

LNP – Sri Lanka revealed as most popular solo travel destination for 2025

Solo travellers are getting older and are increasingly drawn to Asian destinations – with Sri…

9 hours ago

LNP – Sri Lanka’s inflation drops to -0.7% in October

The overall rate of inflation, as measured by the National Consumer Price Index (NCPI), has…

12 hours ago

LNP – 29 Deputy Ministers sworn in

The Deputy Ministers of the new National People’s Power (NPP) government have been sworn in…

1 day ago

LNP – SriLankan Airlines wins best entertainment award in Central/Southern Asia

SriLankan Airlines has won the prestigious 2025 APEX Best Entertainment Award in Central/Southern Asia at…

1 day ago