Fuel prices expected to fall as supply grows

August 15, 2014 | By | In News

Petrol prices may be a constant cause of concern for many drivers, but the cost of filling up your tank is predicted to fall, following increased supply from Saudi Arabia.

This glut of crude oil from the Middle East means that the price for a barrel of crude oil has dropped to its lowest level this year, with prices at the pumps expect to follow suit. Another contributing factor is the publication of a report showing that there are now rising stockpiles of oil.

Additionally, leading oil industry think-tank, the International Energy Agency, claimed this week that the world is set to use less crude oil this year than initially predicted by experts, with its forecast adjusted to just one million barrels per day, reports the Telegraph.

With Saudi Arabia supplying the highest amount of oil since September 2013 and Libyan crude oil back on the market, there should be a steady supply of fuel in the short term. This glut of supply also means that the global economy is less vulnerable should the crisis in Ukraine escalate.

Figures from petrol analysts Experian Catalist have found that the typical price of a litre of unleaded petrol stands at 131.3p, while diesel has dropped from 138.3p to 135.6 per litre. Petrolprices.com states even lower prices for August 15 with average petrol prices of 129.75p and diesel at 134.00p.

A number of supermarkets have already slashed prices meaning that drivers should be able to find low prices for fuel if they are willing to do a little shopping around.

Picture: kasto

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