Petrol prices set to fall to £1 a litre over Christmas

Many fuel retailers are expected to cut the price of petrol to £1 a litre in time for the Christmas getaway.

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The RAC believes the tumbling oil price will lead to a 3p drop for petrol and 5p for diesel.

This would take average prices to around 103p for petrol and 104p for diesel, but experts predict prices will be even lower at many forecourts.

RAC Fuel Watch spokesman Simon Williams said: “We expect Britain’s supermarkets and cheapest fuel retailers to be selling petrol at £1 a litre or less in time for Christmas.

“These retailers consistently tend to be 3-5p a litre cheaper than the UK average price.

“We are still some way off the average price of unleaded reaching the £1 a litre mark, but this will be a big step in the right direction.”