RAC Fuel Watch spokesman Simon Williams said: “There was a good deal of trepidation

regarding the meeting of the OPEC nations today and the market reacted with some volatility pushing the oil price up as traders expected they may cut production.

“However, after the meeting concluded at 3pm with no cuts planned the market settled and the oil price dropped back down ending slightly lower than yesterday’s barrel price at $41.50 for Brent crude.

“We therefore expect the trend to continue and anticipate that we are likely to see a further fuel price cut of two pence a litre for fuel in the next fortnight.”