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The continually falling prices of crude oil have seen UK fuel prices drop below one pound per litre. The new 99 pence (RM6.50) price tabled by Morrisons supermarket has become the lowest recorded price in the UK since 2009.

Likewise, Asda, another supermarket chain, has also announced that it will be offering a special 97 pence (RM6.35) per litre promotional price over the coming weekend. It’s important to remember that unlike Malaysia, petrol and diesel prices in the UK (Europe and US too) aren’t standardised on a monthly basis by the government. It is normal to encounter different fuel prices daily, and from one station to the next.

As mentioned, the low fuel prices at UK pumps is attributed to the continually falling prices of crude oil. The assessment is made based on the current Brent Crude oil listing of USD$40 (RM173) per barrel. The index is used as a benchmark for fuel prices around the world.

However, the gradual decline of fuel prices in the UK doesn’t come as much of a surprise. In November, the country marked a low average of 1.05 pounds (RM6.90) per litre at the pumps. Still, the drop in prices isn’t as rapid as it is in Europe, where countries like Spain sell petrol from as low as 83.5 pence (RM5.45).

In Malaysia, our petrol and diesel prices are also based on a market float, with new rates only implemented on the first of every month, and standardised across all stations. These rates are also based on global crude oil trends. Currently, Malaysians pay RM1.95 per litre for RON 95, RM2.45 per litre for RON 97, RM1.90 per litre for diesel and RM2.00 per litre for Euro 5 diesel.