|
Opec to slashing oil output to drive prices back up |
 |
 |
 |
|
Written by Karl
|
|
Wednesday, 17 December 2008 20:19 |
|
 Just when both petrol and diesel prices both dropped below the magic £1 mark motorists could see the cost of their petrol and gas soar again after the world's oil producers (Opec) announced that they are to dramatically slash production. Oil cartel Opec says it is cutting 2.2 million barrels a day from its output - the largest ever at one time - to stem crude prices that have plummeted over 70 per cent from summer highs of nearly $150. Consumer groups have warned that the cut could have a dramatic impact on customers here in the UK with firms using Opec's decision as an excuse not to cut their prices.
The price of fuel is at an all time low this year with the price of diesel costing 34p less a litre from its July high.
|
