Petrol Could Soon Be Cheaper Than Bottled Water

It's time to start dusting off your V8s. The price of oil has been diving recently, with savings passed on to drivers at the pumps... if it carries on at the current rate, it won't be long before a litre of petrol costs less than a litre of bottled water

Darren Cassey

14 Jan 2016

Petrol Could Soon Be Cheaper Than Bottled Water

Petrol prices have been tough on drivers over the past few years. In the UK at least, refilling your car had become prohibitively expensive for many who enjoy the kind of cars that upset Greenpeace. But it could be time to fire up your poor, neglected performance car, because the price of petrol is continuing to drop. In fact, plummet might be a more accurate description.

According to a report by the RAC motoring group, the price of petrol at the pump could drop to around 86p per litre, which would be less than a litre of bottled water costs at most supermarkets. It’s all because the cost of Brent crude oil has dropped to $30 a barrel - the lowest since 2004, and 73 per cent lower than its high last year - and is expected to continue to fall to just $10.

The declining cost of Brent crude oil over the last month, via Bloomberg

The cause of the drop in the price of oil is attributed to the fact that the USA’s stockpiles are ridiculously high, driving down demand. According to The Telegraph:

The US Energy Information Administration said its gasoline stockpiles grew by another 8.4m barrels in the week to January 8, higher than analyst expectations of 1.6m.

While this is bad news for oil companies, it’s great news for car enthusiasts. Now is the time to get that dream car you’ve always wanted…

Comments

This is bad. We are destroying the earth and need to find another way to power our cars.

Meanwhile petrol here in Saudi Arabia went up; from 0.08 pounds per liter to 0.14 pounds per liter :p

Not where i live, no, no.

Ford GT40 here I come!

Heh….welcome to the middle east :P

I’m still waiting for the 93 octane Shell V power I run through my 5.0 to drop below $2 a gallon. I believe I paid around $2.30 a gallon last time I filled up.

In hungary, here 0,938 EUR for Diesel. (when it prices goes up and down, depending gas tank filled.)

in italy is still 1.45-50 €/L

yeah so i was paying $2.40 per gallon here in brazil (already converted from reais to dollar and liters to gallon) in 2012 and today we are paying north of $3.50 and gas prices are dropping right, what really grind my gears is that we produce a huuuuuuge amount of gas, one o f the biggest exporters and that in paraguay OUR gas is better and a lot cheaper (our gas contai 27% of ethanol and our regular gas is only 87 octane but at least our gas don’t contain lead (i don’t know how to spell chumbo, lead is an odd name for a metal).