Price of petrol has dropped below £1

[HertfordshireGreenlaners]

Thoughts on the matter ? petrol has finally dropped below £1 per litre, Do you think the price will keep going down, maybe it will stabilise around the 99.9p/99.8p for the next few years or have we reached the calm before the storm in 2016?

[Anton]

The US and Saudi Arabia are deliberately flooding the market with oil in order to punish Vladimir Putin for opposing their vision for Libya.

Essentially this is all about bankrupting Russia. Once they've made their point, expect prices to rise beyond where they used to be because oil reserves will be low and they'll want to restock.

[donkeychomp]

£1.09 here

[1066 Boy]

Asda here has it at 99.7, Wholesale oil price has dropped by
65% but the petrol has only dropped buy less than half that!
Somebody is making a few quid.

[Anton]

We pay tax on road fuel twice - £0.5795 per litre "fuel duty", then 20% VAT on top of that (including paying tax on the £0.5795 "fuel duty") Because of this, you basically have to take 60p off a litre of fuel before you start to see the reality of fuel costs/profits.

When you do that, you'll see that the fuel prices at the pumps has dropped much more in line with the drop in cost of crude than you'd realise. We're just paying more in tax than anyone else in Europe, possibly the world. And, indeed, paying VAT on our flat rate tax. Yes, we pay tax on our tax.

[twiss]

95p/L here

[ScottieJ]

95p/L here

Not that fuel price really matters on an island 30miles across

[Tramp]

Still over £1 here, but hopefully not for long, last time it was less than £1 I had my zook on the road!!!!

I can remember driving around looking for a station that had petrol under £1 as I was outraged at paying over that, I eventually found one and filled, but on the next tankful it had gone over the mark & I had to fill up anyway. And that was my story of how I protested at extortionate petrol prices over 7 years ago - what a difference I made!

[Cungle]

I brimmed my new Vitara today and it was grand to pay less than a quid a litre.

[twiss]

95p/L here

Not that fuel price really matters on an island 30miles across

More like 30km not miles