Oil market stabilisation gives hope for cheaper petrol

Global oil stabilisation has raised a glimmer of hope motorists may finally see fuel prices coming down at the pumps — or, at least, staying at current levels.

After months of rising prices, the barrel of oil stabilised in March, albeit at a high monthly average of $125.

John Heffernan, a power trader with Bord Gáis Energy, said a combination of factors had contributed to the levelling of the price. “The markets focused less on the potential impact on prices as a result of the tensions between the West and Iran,” he said. “In March the narrative subtly moved to reassure the markets that the world had sufficient reserves to withstand the loss of Iranian crude supplies.”