Cautious welcome to the drop in the price of crude

BALEARIC petrol distribution companies yesterday welcomed the drop in the price of crude but warned that consumers will not enjoy the benefits just yet. While airline Air Europa set a precedent in announcing immediate cuts in fares on the back of the fall in fuel prices, the president of the Balearic Association of Petrol Stations, Jesús Salas, said that yesterday's drop in the price of crude to 59.7 euros a barrel will lead to “immediate” consumer benefits. He did however stress that, should the price remain steady, it will be good for the economy.
Over the past 12 months, Balearic drivers have seen petrol prices break the one euro a litre barrier and high fuel prices have not only led to air fare hikes but also an increase in the price of living with import costs also rising.