petrol price in the UK nearing £1 a litre

Person at petrol pump
Getty Images
The cost of petrol in the UK is approaching £1 a litre for the first time since 2016.

Some filling stations around the country have even been reported offering petrol at less than £1.

Oil prices slumped in March after a price war broke out between Saudi Arabia and Russia.
oil price
source: BBC News
It kicked off when Saudi failed to convince Russia to back production cuts that had been agreed with the Opec oil producers' group.

In January the price of a barrel of Brent Crude had touched $70.

By mid-March the price war had help it to fall to close to $30 a barrel.

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