Fuel retailers urged to pass on savings as oil prices fall below $60 a barrel

Pump prices stuck' despite cost of oil falling amid prospect of peace in Ukraine, say experts

Fuel retailers are under pressure to cut their pump prices after oil prices fell below $60 a barrel for the first time in more than seven months on hopes of a Russia-Ukraine peace deal.

The price of a barrel of Brent crude dropped by more than 1% to $59.20 on Tuesday morning, its lowest since early May.