Petrol prices expected to drop as deadly coronavirus sees worldwide oil demand fall
UK DRIVERS could soon save when filling up their car due to the coronavirus outbreak in China.
A sudden fall in demand for oil due to the alarming outbreak means Brits should expect fuel prices to be cut this week.
A barrel of crude oil fell below $60 last week and is likely to plummet even further as the amount of oil used by China decreases due to people restricting their travel.
China is one of the world's biggest oil users, behind the United States, importing more than 9million barrels a day last year.
Before the outbreak, there had been fears the price of oil would rise due tensions between Iran and the United States.
However, RAC Fuel Watch data shows there was only a very short-lived price rise following the US assassination of Iranian general Qasem Soleimani.
Since then, the oil price has fallen away and now gives fuel retailers the ability to cut petrol prices by 4p a litre in the next fortnight.
Diesel could also come down by at least 5p a litre in the UK.
Coronaviruses are a large family of viruses that can cause infections ranging from the common cold to Severe Acute Respiratory Syndrome (Sars).
The virus attacks the respiratory system, causing pneumonia-like lung lesions.
Simon Williams, fuel spokesman at RAC, said: "Some drivers are no doubt aware that fuel prices in the UK are affected by global events, but many will be shocked to hear the coronavirus outbreak in China should lead to the price of petrol and diesel falling dramatically.
"We urge the supermarkets, who are so influential in what drivers pay for fuel due to their massive market share, to pass on the wholesale savings they’re benefiting to motorists at the pumps, especially as they have actually increased forecourt petrol prices every day since 2 January.
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"Drivers have been unfairly punished as a result of the very short-term oil price rise caused by tensions in the Middle East.
"It seems as though the big four supermarkets have been capitalising on this as the oil price has fallen steadily from a high of $69.82 on 6 January to $59.75 on 24 January.
";This is the first time oil has been under $60 a barrel since 31 October 2019."