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  1. ITV Report

RAC tells motorists to make the most of cheaper petrol "while it lasts"

The price of oil reaches a 12-year low on 20 January, but the barrel price has started to rebound Photo: PA

The RAC is urging motorists to make the most of low fuel prices while they can - as reports suggest the chance to get petrol at less than £1 a litre may not last.

The price of oil reached a 12-year low on 20 January, but the barrel price has started to rebound - which will in turn affect the price at petrol pumps all over the country.

Motorists have been enjoying fuel at 99p a litre over the last few months. Credit: ITV News

According to the RAC, in January:

  • Average price of diesel fell by 9p a litre
  • Most users saved £2.72 at fill-up
  • Most prices fell to less than 98p a litre

But get it while you can:

The oil market is notoriously volatile, even in more stable economic times, so it’s still possible that the price could drop back again.

The other factor which is not helping the situation from a motorist’s perspective is the fact that the pound has weakened significantly against the dollar from $1.47 at the beginning of January to $1.42 by the end. This has undermined some of the benefit of the falling oil price and, with oil traded in dollars, this could prove to be even more harmful if the pound continues to lose value against the dollar while the oil price goes up

– RAC fuel spokesman Simon Williams

Motorists can keep abreast of the latest fuel prices by visiting: www.rac.co.uk/fuelwatch or following #racfuelwatch on Twitter.