Petrol prices could be set to dip below £1 a litre for the first time in more than five years, the RAC says.
The current price on petrol forecourts is 116.9p per litre, down 14p over the last 12 months and analysts predict that the downward trend will continue into 2015.
Last week the price of crude oil dropped from $66 to $59 per barrel, around half of its $115 per barrel peak in June, and OPEC has indicated that they will not intervene to limit supply to stabilise prices.
Demand for oil is falling while supply is rising and RBS have warned that prices could continue to fall until Brent crude reaches $42 a barrel sometime next year.
If the downward trend continues then petrol will be once again below £1 a lire within the first few months of 2015.
