THE WHOLESALE PRICE of Brent crude oil hit a five-year low this week, dragging European commodities markets down with it.

The collapse meant the European Central Bank pumped more liquidity into the financial system on Thursday via private-sector loans.

US benchmark West Texas Intermediate (WTI) for January delivery plunged to $57.34 per barrel — the lowest level since May, 2009 — having already closed under the psychological level of $60 on Thursday.

Brent North Sea crude for January dived to $61.35 in London deals, striking a low point last witnessed in July, 2009.

Pumps

While the crash is bad news for oil traders and producing countries, it is good news for the Irish consumer.

The last week has seen prices of petrol fall all across the country, to as low as €1.29 per litre.

How Dublin looks according to Pumps.ie Pumps.ie Pumps.ie

According to Pumps.ie, which monitors the price of petrol across Ireland, the cheapest petrol in the country can be found in Ballina, where the Gala filling station on Station road is selling petrol for €1.29 per litre. That is matched in Cork, by Great Gas in Whitechurch.

In Dublin, Texaco on the KCR-Kimmage cross road is the cheapest place to fill your car, with petrol costing €1.34 per litre.

The good news for motorists is that the price of petrol is not expected to rise any time soon.

OPEC, the organisation for oil-producing countries, voted last month to keep supplying oil to the market in a bid to head off competition from US providers.

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