Fuel companies thinking of cutting the price of petrol by 1p after oil price halves

Turmoil in the international markets overnight has left the price of oil half what is was two months ago – resulting in leading fuel companies thinking about knocking a penny of the price of petrol.

A mixture of disruption in international supply chains caused by Coronavirus and Russia starting a price war meant that the price of West Texas crude fell to historically low levels overnight – leaving major forecourt fuel stations wondering if they could afford to sell for less than £1.16 a litre.

“It’s a complex decision,” said Simon Williams of Willoil.

“On the one hand, the price of raw materials is literally less than half what it was at the start of the year, but on the other hand, screw you.

“You see the problem.”

Motorists are understood to be annoyed by the delay in passing on a fall in prices to the consumer, but on the other hand thanks to Coronavirus they won’t be driving anywhere any time soon anyway.