Fuel prices fall by 6p a litre after Gaddafi death - 23rd Oct 2011 6:21am
FUEL prices will fall by about 6p a litre following Colonel Gaddafi’s death, the AA said yesterday.
Prices are set to tumble in the coming weeks as Libya’s oil production returns to normal in the wake of his overthrow.
Spokesman Luke Bosdet said: “It will have a knock-on effect at the pumps.
“When the Libyan crisis began, petrol was just below 130p a litre and the average price now is just under 135p.
“We should soon start to see the price of petrol fall between 5p and 6p a litre – which is great news for British motorists. But it won’t happen overnight.”
Libya was one of the world’s bigger oil producers, pumping out 1.5million barrels a day before the country was engulfed by civil war in March.
Output collapsed to just 44,000 barrels at the height of the troubles.
But experts are convinced the oilfields will soon be back on their feet.
Brian MacDowall, of the Association of British Drivers, said: “We totally concur with the AA. When Libya’s oil production gets back to normal we should see an increased supply and reduced prices at the pumps.
“To see 6p come off a litre is great news for anyone who drives and will help so many people in their everyday lives.”
Mr MacDowell said the highest current fuel price they knew of in the UK was 140p, so a cut of up to 12p a litre was possible.
He added: “It couldn’t have come at a better time. It’s the bit of good news we Brits needed.”
And Kate Gibbs, of the Road Haulage Association, said: “Drivers are being pushed to the limit with the price of fuel so any drop would be a positive step.
“Our members have been suffering for a very long time and this is something we’ve all been hoping for.”
Source
Prices are set to tumble in the coming weeks as Libya’s oil production returns to normal in the wake of his overthrow.
Spokesman Luke Bosdet said: “It will have a knock-on effect at the pumps.
“When the Libyan crisis began, petrol was just below 130p a litre and the average price now is just under 135p.
“We should soon start to see the price of petrol fall between 5p and 6p a litre – which is great news for British motorists. But it won’t happen overnight.”
Libya was one of the world’s bigger oil producers, pumping out 1.5million barrels a day before the country was engulfed by civil war in March.
Output collapsed to just 44,000 barrels at the height of the troubles.
But experts are convinced the oilfields will soon be back on their feet.
Brian MacDowall, of the Association of British Drivers, said: “We totally concur with the AA. When Libya’s oil production gets back to normal we should see an increased supply and reduced prices at the pumps.
“To see 6p come off a litre is great news for anyone who drives and will help so many people in their everyday lives.”
Mr MacDowell said the highest current fuel price they knew of in the UK was 140p, so a cut of up to 12p a litre was possible.
He added: “It couldn’t have come at a better time. It’s the bit of good news we Brits needed.”
And Kate Gibbs, of the Road Haulage Association, said: “Drivers are being pushed to the limit with the price of fuel so any drop would be a positive step.
“Our members have been suffering for a very long time and this is something we’ve all been hoping for.”
Source
