Opec (Organisation of Petroleum Exporting Countries) is ready to raise output despite the weaker demand for fossil fuels.
This comes after global petrol prices dropped more than one dollar a barrel, which is good news for hard-pressed households.
Pump price drop
Pump prices in April fell 2p for a litre of petrol – the second consecutive monthly fall, the RAC said. Petrol is now £132.50 and diesel is £138.80 a litre.
The RAC is predicting further falls in the price of petrol, which are now some of the lowest paid by motorists since July 2021.
Petrol prices peaked at £1.92 per litre in July 2022 after the Russian invasion of Ukraine.
Health of the global economy
The price fall of oil has accelerated since the US President imposed his tariffs. A fear of a global recession has surprisingly led Opec to herald an increase in production of oil by 411,000 barrels a day by July.
An abundance in the supply of oil and weakening demand for fossil fuels has shaken Saudi Arabia, which cut production last year to allow other Opec members to increase production.
Forecourt prices across WM region
According to the Roadtrip app, the average price of fuel varies with Asda lowest at £128.90 per litre, Tesco at £129.00 and Sainsbury’s £129.40.
Premium brands across the region average at £135.90 per litre for Esso, £137.30 for Shell and £149.50 for BP.
