A barrel of Brent Crude oil cost an estimated $110 (£72) a barrel in June 2014 but the prices have more than halved since the beginning of this year.
Buyers are paying an average of $50 (£33) a barrel for the first time since 2009 and some suppliers have already begun to bring down their prices.
Chancellor George Osborne warned that it is “vital” for the fall in oil prices to be passed to costumers.
Mr Osborne made it clear in a tweet that the public should see the benefits not only in petrol prices but also in utility bills, heating oil and airline tickets.
Consumers have begun to see an average of £10 come off the cost of filling an average sized family car but are still paying a high amount of tax per litre.
Although the price of world oil has decreased, the British public are still paying around 66% tax on their fuel.
Petrol tax has been frozen since 2011 but motorist groups are still battling to bring down the cost.
James Williams from the RAC had this to say: “ We will keep working towards bringing down the amount of tax motorists pay for their fuel because that will make more of a difference.”
He continued on to explain exactly what we pay for at the pump.
Despite the Governments encouragement to companies for cheaper petrol prices, Britain still holds the tittle for the highest petrol tax in Europe.