Petrol prices in freefall

Oil glut could keep prices low for six months

Petrol prices have fallen five times in the last nine days. A litre of petrol costs on average 34 øre less than nine days ago, and the downward trend looks likely to continue.

Crude oil prices have fallen about 15 percent in the past two weeks. Saxo Bank oil analyst Ole Sloth Hansen told TV2 that such a large drop over such a short time is unusual.

Surplus needs to go
Hansen said that overstocks of oil in the US and OPEC countries are driving prices down.

“The oil market is out of balance,” Hansen told TV2. “Getting rid of the excess oil will take time.”

Hansen said that the only thing that could drive prices back up would be more unrest in the Middle East. If things stay relatively stable, Hansen said that petrol prices in Denmark could stay low for at least the next six months.

The price of diesel has dropped 20 øre over the same period.

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