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18/12/2008
Average petrol prices in the UK have fallen to their lowest level in more than 21 months, but drivers are still cutting back on consumption, according to the AA.The average price of unleaded petrol fell by more than 5p between mid-November and mid-December, taking it to just under 90p per litre.However, the motoring group found that a third of families (34%) are consuming less than they did even when prices were much higher - a result, it says, of budgets being hit by the financial crisis.Drops in the price of petrol were exceeded by diesel cuts on the UK's forecourts, with the average price of a litre falling to below £1.02, down from almost £1.09 at the same time last month.The figures come as OPEC, the oil producers' cartel, announced a record cut in output in response to falling crude oil prices and consumption. The group is to lower production by 2.2 million barrels a day, as US crude prices briefly dropped below $40 a barrel for the first time since 2004.OPEC president Chakib Khelil said that the organisation had no target for the price of oil, but that he hoped it would "stabilise", before moving to around $70-80 per barrel - a level he said would be "in the interest of producers and consumers".Commenting on the lower forecourt prices, AA president Edmund King said: "The recent five pence drop in diesel at supermarkets and other retailers like Shell came as an early Christmas present for diesel drivers who had seen the petrol-diesel price gap widen to 15 pence."
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