Price drop raises hopes for lower prices at petrol pumps

Oil prices have tumbled on world exchanges this morning, raising hopes among consumers that one silver lining from the eurozone crisis will be lower petrol prices.

Brent crude dropped below 100 dollars a barrel yesterday, while US crude oil prices fell to 75 dollars a barrel.

However, Energy Trading Analyst at Bord Gáis Energy Michael Kelleher has said it remains to be seen whether this will mean lower petrol and diesel prices at the pumps.