Fuel price to drop still further

The maximum price that can be charge for petrol and heating oil will fall again on Tuesday. The maximum price for Petrol 95 will fall to 1.51 euro, its lowest level in four years. The price of heating oil will also fall by a further 3 cents. The continuing fall in the price of fuel has come about as a result of the fall in the price of crude oil on the international oil markets in recent months.

A fall in demand for oil has led to an over-supply that in turn has put downward pressure on the oil price. Some oil exporting countries such as Saudi Arabia are considering cutting production. However, no have actually already done so.

The price of a barrel of Brent Crude (the reference for the European market) now stands at 86 US Dollars. This is down from 115 US Dollars just four months ago. The fall in the oil price is a not only a good thing for consumers, but also for industry.