Petrol prices expected to drop by 5p a litre If the wholesale petrol price holds or continues to crash, the UK pump prices should fall at least 4p in the next fortnight. With VAT that rises to 5p. Oil prices have started to tumble owing to concerns about the global economy but despite this petrol prices have remained stubbornly high. Talks aimed at ending a possible fuel tanker drivers" dispute will resume on Monday. Conciliation service Acas will host negotiations between Unite and employers. Hopes of a deal were dashed on Wednesday when drivers rejected a proposed settlement on safety and work conditions. The deadline for when the union must decide on industrial action has been extended until Tuesday. Unite's Diana Holland said: "We remain committed to reaching a negotiated settlement."