Sliding petrol prices have offered a temporary reprieve to hard-pressed drivers, as the looming threat of recession chills commodity markets.
In the US, the world’s biggest consumer of petrol, average prices at the pump have fallen 10 per cent to around $4.52 from record levels of more than $5 a gallon in mid-June. That decline has been mirrored in other countries.
“The word that had the most impact on prices dropping was recession,” said Tom Kloza, global head of energy analysis at pricing group OPIS. “Markets have priced in a recession — maybe a mild one, but they’ve priced in a recession.”
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