PETROL prices have taken another plunge in south Essex – falling to their lowest level in years.

The cost of a litre of petrol has fallen to as low as 105.7p at Asda, in Shoebury and Basildon – where it was being sold for 109.7p per litre only a week ago – and diesel prices are now at just 112.7p per litre.

The price drop on Tuesday came a day before the worldwide price of oil crashed to below $50 a barrel for the first time since May 2009 – with experts predicting it could fall below $40 a barrel in the coming weeks.

In Southend, the cheapest prices for petrol are 108.9p per litre at Esso, in Southchurch Road, Gulf, in Southchurch Road, and Tesco, in Prince Avenue, with diesel at 115.9p per litre at Esso, in Arterial Road, Eastwood and 116.9p at Tesco, in Prince Avenue.

In Basildon, the cheapest prices are 106.9p for petrol and 113.9p for diesel at Tesco, in Station Lane and Gardiners Link, BP, in East Mayne, and Sainsbury’s, in East Mayne.

At Rayleigh, petrol is as low as 107.9p per litre at Esso, in Arterial Road, and 114.9p litre for diesel at Sainsbury’s at the Rayleigh Weir.

On Canvey, Morrisons is selling petrol for 108.9p per litre, with diesel selling for 115.9p at Morrisons, in Northwick Road, BP, in Long Road and Jet, in Somnes Avenue.

Taxi drivers are mostly self-employed, meaning the tumbling prices are good news for their bank balances, as well as their customers.

Ralph Morgan, a Basildon taxi driver, said: “I am very pleased with the drop in prices.

“It is good news for us and for the customers too.

“We’re having an increase for taxi fares in Basildon and the last time that happened was in 2011 when diesel supreme was at 136p per litre.

“Now it’s down to about 125p and you can get regular diesel for 116p, so that’s great.

“I do feel like we are still being ripped off though, as the price of crude oil has come down a lot, and stayed down, so why are fuel prices only coming down by pence?”