The cost of petrol by the litre across the United Kingdom is sinking close to 1.23 United States Dollars for the first time since 2016.

This fall comes as the industry reports a 75% decline in sales for March across the country amidst an ongoing lockdown due to the COVID-19 Pandemic. With over 60% of retailers reporting full storage tanks this month- it is doubtful that the industry will be seeing its previously enjoyed profits this quarter. The most notable factor driving the plummet is the ongoing spat between Russia and Saudi Arabia regarding oil production quotas which has pushed oil down to a $20-30 range on the Brent Crude- a severe loss from the $70 a barrel average enjoyed back in January.  

Shares in popular Oil and Petrochemical Companies are rising however as hopes of a Russo-Saudi deal are shining through to alleviate the strain upon traders.

BP 337.55 GBX

Royal Dutch Shell Plc Class B  1,461.60 GBX +25.20 (1.75%)

Royal Dutch Shell Plc 1,507.00 GBX +28.20 (1.91%)

Exxon Mobil Corporation 40.47 USD +0.030 (0.074%)

Chevron Corporation 80.39 USD 0.00 (0.00%) (Pre-Market 2.36% uptick)

Valero Energy Corporation 46.10 USD −0.030 (0.065%)

Total SA 34.22 EUR +0.67 (1.99%)