In the wake of a decision by OPEC (the Organisation of the Petroleum Exporting Countries) to continue producing oil at the same rate, despite an already flooded market, the price of fuel in Denmark is plummeting towards the 10kr/litre mark, Metroxpress reports.
Cheap oil – cheap petrol
The price of oil has dropped from almost 80 dollars two weeks ago to 72 US dollars.
Las Olsen, an economist at Danske Bank, said that while the price is likely to hold steady in the months to come, competition could bring it even lower in some places.
“We assess that the probability of a one-digit litre price for petrol is very high locally, where there is a lot of competition between the filling stations,” he said.
Metroxpress reports that a typical driver can save up to 3,400 kroner per year. What’s more, lower oil prices will bring down production costs and will eventually impact retail prices.
