Sir, – When the crude oil price fell below $100 a barrel, we were told it would be some time before the fall would be reflected in fuel prices at the pump because the refiners bought oil on forward contracts.
Certainly there has been some gentle easing in prices at the pump, but nothing like the collapse seen in the crude price, which is now below $40. Most of the forward contracts must have ended by now, and the refiners may even be buying in the spot market.
Can we expect lower prices at the pump? – Yours, etc,
MIKE CORMACK,
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Blackrock,
Co Dublin.