Tuesday, December 5, 2023

Prices At The Pump To Hit Four-Year Low

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Lisa Fischer
Lisa Fischer
Lisa Fischer is a seasoned journalist with a talent for uncovering hidden stories. With over nine years of experience, she has made a name for herself in the industry with her insightful reporting and writing. Lisa holds a degree in journalism from the University of Vienna and has worked for prominent Austrian newspapers. Her work has been recognized with several awards and she is committed to delivering thoughtful and thought-provoking journalism to her readers. Known for her persistence and integrity, Lisa is a valuable member of the Austrian journalism community.

Petrol prices are set to fall to a four-year low as a leading supermarket prepares to shave another 2p off a litre.Asda said it will bring its price for unleaded down to 112.7p a litre on Saturday, which will mean it is at its cheapest since October 2010 and down 14p since September this year.

Prices At The Pump To Hit Four

It will also be reducing the cost of diesel by 1p to 118.7p a litre.

The move comes after other supermarkets introduced a number of fuel reductions over the last few weeks amid falling oil prices.

Crude oil is trading at around $63 a barrel – a fall of 40% since June – as increased US shale production and a refusal by the oil cartel OPEC to cut production adds to oversupply.

The world’s top energy watchdog, the International Energy Agency (IEA), has put further downward pressure on the price as it slashed its oil demand forecast for next year.

The IEA said world demand will grow by 900,000 barrels per day, down 230,000 from its previous estimate.

It said that the cheap oil was not leading to more consumption and in rich countries “a tepid economic recovery, weak wage growth and … deflationary pressures will further blunt the stimulus of lower prices”.

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