ECONOMY

Decline in crude oil price translates into savings at pump

decline-in-crude-oil-price-translates-into-savings-at-pump

Consumers are taking advantage of savings on petrol and diesel as prices have dropped 10 cents per liter lower compared to before August 15.

The deceleration in the price of crude oil is expected to herald further reductions.

Since the beginning of the month, Brent crude has clocked losses of around 16 percent while US oil has dropped by 17 percent.

The combination of falling oil prices and the weakening of the euro against the dollar will offer further discounts on the price of crude oil, though it remains to be seen how much of these savings will be passed on to consumers.

Greek fuel prices are the sixth highest in the EU after tax.