Petrol prices could hit lowest price since May 2009Reuters

The bloodbath currently hitting oil prices could bring the cost of petrol down to below £1 per litre, according to the RAC.

Brent crude oil fell to below $59 a barrel on Tuesday (16 December) and has since continued to fall.

With that in mind, the RAC predicts that petrol will drop to its lowest cost since May 2009 in early 2015.

RAC fuel spokesman Simon Williams said: "What's currently happening at the pumps with falling fuel prices is something many motorists will not remember seeing before.

"Talk of prices going up like a rocket and falling like a feather could not be further from the truth as retailers have been quick to pass on savings at the forecourt."

The average price for a litre of petrol is currently 116.9p, which is 14p cheaper than at the start of the year, according to the RAC.

Williams added: "The cost of going to visit family and friends this Christmas will be the cheapest it's been for nearly five years, but the prospect of petrol going below £1 a litre in the new year is incredible, particularly when prices at the beginning of 2014 seemed to be heading ever upwards."