AssetID: 54653437
Headline: UNCAPTIONED: Petrol Prices Could Drop to 130p a Litre as Recession Fears Impact Oil Markets
Caption: Petrol Prices Could Drop to 130p a Litre as Recession Fears Impact Oil Markets. Fears of a global recession, triggered by new US trade tariffs, have caused oil prices to drop significantly. The RAC predicts petrol prices could fall to 130p a litre, down from 136p before Easter, thanks to low oil trading at $65 per barrel. Analysts anticipate that continued recession fears could lead to further price declines, with West Texas Intermediate crude dipping below $60 per barrel. Despite falling oil prices, OPEC decided to increase production, which surprised markets and fueled speculation about the Gulf states responding to US pressure. Citi analysts forecast that Brent Crude will trade around $60 per barrel for the next three months, with prices potentially dipping lower due to trade wars. RAC's Simon Williams stated that petrol prices could see cuts of up to 6p per litre ahead of the busy Easter weekend. Williams emphasized that as long as oil prices stay around $65 per barrel, retailers are likely to pass on savings to customers. The UK’s Competition and Markets Authority continues to scrutinize the fuel retail sector, encouraging distributors to reduce prices. If petrol prices fall to 130p per litre, it will be the lowest since the summer of 2021, with diesel prices potentially dropping to 137p. The predicted drop in petrol and diesel prices comes as a result of lower oil prices, benefiting drivers ahead of the holiday season. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Motoring,Petrol prices,oil market,recession fears,US tariffs,OPEC,crude oil,RAC,fuel prices,diesel,UK,Brent Crude,West Texas Intermediate,Easter weekend,Competition and Markets Authority,oil production
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