While petrol prices fall again today it looks like there could be an end to the petrol downward spiral.
Good news nonetheless for the meantime as the supermarket petrol war continues. Asda and Sainsbury’s have both announced that they will be cutting the price of their petrol to around 94.9 pence a litre, the BBC report.
While prices are locally set, Sainsbury’s have promised that a 3 pence cut means that no customer will be paying more than 96.9 pence per litre for petrol and 106.9 pence for diesel.
While Asda have promised petrol will cost 94.9p and diesel will 107.9p across its stores.
Morrisons and Tesco have promised to follow suit.
However, in the same breath, the Beeb report that the Organization of Oil Exporting Countries (OPEC) have begun emergency talks in Vienna to discuss cutting oil production in order to preventing the fall in crude oil prices.
The meeting originally planned for November was brought forward due to concerns for the extent of the global economic crisis and its affect on the oil market.
While crude oil prices dropped to their lowest level since June 2007 at $61.50 for London Brent, some of the cartel of oil producers want to cut production by as much as six per cent to halt the fall in prices.
This could bring an end to our run of falling retail petrol and diesel prices.
Edmund King, President of the AA told the BBC that;
“With OPEC looking to halt the fall in oil prices, the outlook in the coming weeks is looking more gloomy.”
