Melton fuel predicted to be under £1 a litre

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The cost of fuel in Melton is set to plummet according to motoring organisation the RAC, who predict prices might even drop to under £1 a litre in the new year.

If fuel prices fall below the £1 barrier in January, it will be the first time in nearly six years they have been that low.

In recent months the price of crude oil has plummeted, leading to a gradual fall in prices at the pumps.

The average price of fuel in Melton at the time of going to press according to the website is 113.9p for petrol and 119.9p for diesel.

But motorists in Melton are still said to be paying more on average than other towns such as Oakham and Grantham.

Elaine Faulkner, of Elaines Taxis, said: “We have 16 cars that would usually fill up twice a week on Nottingham Road.

“Although our drivers don’t pay the price at the pump due to having special rate business cards these changes can only help our business.”

John Southerington, of W. Southerington & Sons Ltd a removal firm, said: “Since the collapse of the housing market in 2007 we’ve had to absorb massive increases in fuel costs.

“We get our fuel delivered by a supplier from Nottingham as there seems to be a strange situation in Melton, meaning current prices are just silly. We currently get a rate of 117p a litre for diesel.

“At last it seems there is light at the end of the tunnel and we are pleased fuel prices are heading in the right direction.”

The RAC said the cost of visiting family and friends over Christmas was the cheapest its been for nearly five years and the prospect of fuel prices dipping below £1 is incredible, particularly when prices at the beginning of 2014 seemed to be heading for an increase.

Simon Williams, an RAC fuel spokesman, said: “Current forecasts are for average petrol prices to fall to below 110p a litre in the next fortnight and diesel to drop to under 116p. Retailers will almost certainly be selling petrol for around 105p a litre, or even lower, quite soon.”

Simon said that it is important to realise that the fuel market can always change, due to a number of factors, including the strength of the pound and the global supply of oil.