Oil price goes below $50/barrel.

As reported on the bbc website, Brent crude oil has dropped in price to below $50 (£33.60 apx) not that we should all be getting too excited about that because it would require oil prices to remain below that price for a length of time before the savings where passed on to consumers. Last night I bought a tanks worth of petrol from the cheapest petrol station in Coventry for 90.1pence per litre the cheapest I have seen it sold anywhere in at least a year. However considering back in June and July when the price of oil was at its highest, petrol was just over £1.20 a litre, there hasn’t been all that much a difference at the pumps – barely 30pence actually. If I see petrol prices drop below 89pence a litre then I may become a little less pessimistic.