January 25, 2021

Coronavirus: Why is the petrol price nearing £1 a litre?

The cost of petrol in the UK is approaching £1 a litre for the first time since 2016.

Some filling stations around the country have even been reported offering petrol at less than £1.

But motorists may be hard-pressed to find low deals as prices vary widely.

Why are petrol prices falling?
The key factor affecting petrol is the wholesale oil market.

Oil prices slumped in March after a price war broke out between Saudi Arabia and Russia.

It kicked off when Saudi Arabia failed to convince Russia to back production cuts that had been agreed with the other members of the Opec oil producers’ group.

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