New research predicts oil price drop expected to continue to 2017

Research published in June 2014 indicates that the price of oil will continue to fall over the next two years against a backdrop of rising gas and electricity costs if the current trends continue. In order to predict kerosene costs in the UK and Ireland up to and including early 2017 the study used the historical relationship between kerosene prices and Brent crude oil. According to the results, the price of kerosene will have reached 55.52 pence per litre in the UK and 75.81 cents per litre in Ireland by the last quarter 2014. By Q2 2017 the prices will have fallen to 53.43 pence per litre and 73.39 cents per litre respectively, according to the forecasts.

These figures come at a time when the National Audit Office (NAO) predicts two decades of price rises for electricity, gas and water due to new infrastructure projects to ensure that Britain’s networks of energy, water and telecom remain up-to-date.