A fuel forecourt in Maypole has hit national headlines after it dropped it’s petrol prices below £1.
Drivers from all over Birmingham have flocked to the Harvest Energy petrol station on the Alcester Road in Maypole after it reduced it’s petrol prices to just 99.7p a litre and it’s diesel prices to £1.09.7 on Sunday.
The global cost of oil has dropped rapidly in the last 2 months. With prices falling below $50 a barrel wholesale prices are set to go lower as oil companies ramp up production and more and more forecourts reduce prices to attract customers.
Dr Velautham Sarveswaran who owns a further two petrol stations in the Midlands, brought the former Power petrol station in Maypole in 2012 after it was vacant for almost 2 years.
Velautham, 52 from Sri Lanka came to the UK to escape the Sri Lankan civil war between Government forces and the Tamil Tigers a war which lasted 26 years.
He brought his first petrol station in 2002 with a strategy of consistent low prices and that seem’s to have paid off.
With fuel prices expected to fall lower, more pressure is piling on the Government to lower it’s fuel taxes which accounts for a staggering 75% of the cost of fuel.