Petrol is about to become cheaper than water

zainab quadri

January 14, 2016 4:30 PM

Oil experts have predicted that Fuel could become cheaper than bottled water if the price of oil continues to plummet.

Petrol is about to become cheaper than water

Oil experts have predicted that fuel could become cheaper than bottled water if the price of oil continues to plummet.

Oil prices have fallen by 30 per cent since early December, with Brent crude sinking to 30 US dollars (about 9000 Naira) a barrel earlier this week.

Oil experts are predicting it could tumble even further, with Standard Chartered warning that 10 US dollars (under 3,000 Naira) a barrel is a possibility.

It is unclear what impact this would have on the Nigerian economy, but other countries have slashed the price of oil.

In December, major supermarket fuel retailers in the U.K cut petrol to under £1 per litre for the first time since 2009 – excluding promotions – while diesel was given the same treatment last week.

RAC fuel spokesman Simon Williams said: ‘With no apparent end in sight to the freefalling price of oil, motorists can expect some really low fuel prices in 2016.

‘In fact we may get to a bizarre time when a litre of fuel is cheaper than a litre of some bottled waters.’

zainab quadri