The price of petrol could fall to £1 litre this Christmas.
That’s because oil prices fell below $40 per barrel (£26/bbl) for the first time since February 2009.
New data from RAC revealed it will lead to a cut of three pence a litre in the average price for petrol and five pence a litre for diesel.
Diesel is already at a six-year low, with the average price reaching 109.18 pence last Friday, the data revealed.
At these prices motorists driving a 55-litre average family car would be saving around £9 compared to the same time last year and more than £11 for a tank of diesel.
Simon Williams, RAC Fuel Watch spokesman said: “With the price of wholesale unleaded dropping due to oil falling below $40 the climate is right for £1 a litre petrol. All we need is for the supermarkets to do the right thing and embrace the season of goodwill by passing on those savings at the pump to make Christmas that bit cheaper for everyone.”