Oil prices are hovering near their lowest point in four years, prompting renewed calls for fuel retailers to lower pump prices.
Brent crude is down 2.5% today, trading below $64 a barrel — a level not seen since April 2021.
Motoring groups are urging retailers to pass on the savings to drivers, particularly as the busy Easter weekend approaches.
RAC head of policy Simon Williams said:
With oil tumbling to a four-year low, motorists should see price cuts of up to 6p per litre at the pumps.
As long as oil stays around or below $65 a barrel, retailers have a duty to pass those savings on to forecourts. The RAC expects action, particularly as the Competition and Markets Authority continues to monitor the sector closely following recent concerns over a lack of competition.
“We believe petrol should fall from the current UK average of 136p to 130p per litre, and diesel from 143p to 137p. If that happens, unleaded would be at its lowest price since summer 2021, while diesel would hit levels last seen in September of that year.”
Oil plunges
Oil prices tumbled to a four-year low as escalating trade tensions under Donald Trump stoked fears over weakening global demand.
Brent crude, the international benchmark, slid another 3.5% to approach $63 a barrel, marking a near 15% drop over the past five sessions. It’s now down almost 30% from highs of over $90 a barrel seen a year ago.
Meanwhile, US benchmark West Texas Intermediate dipped below $60 a barrel for the first time in four years.
“Markets are beginning the week still in the throes of panic,” said Vandana Hari of Vanda Insights. “No one dares pick a bottom.”
