Barrel of oil now costs less than price of the actual barrel

NOTeveryone agreed with the RAC when it said that petrol could become cheaper than bottled water.

RAC wagered that if the price of oil slid below $29.15 barrel, it could push petrol prices to $1.87 a litre - while a fall to $14.58 a barrel or less could see petrol sold at 86c a litre, or cheaper than a bottle of water.

But only if you are a water snob, according to the Hydration Council, who emailed us to say that the average price of a litre bottle of water, purchased in a multi-pack, is 79c. Take that, Perrier drinkers.

The oil price has continued to slide after the lifting of economic sanctions against Iran. The newly liberated country is expected to pump fresh reserves of oil into an already oversupplied market, making oil even cheaper.

On Monday, the price of a barrel of Brent Crude dropped below $28 and Twitter started fighting over things that are more expensive than a barrel of oil, including a barrel.

They ranged from the proverbial:

To the relatable:

To, inevitably, booze. A native Londoner writes:

The Canadians chipped in to boast about their cheap beer:

But more expensive doesn't always mean better, as Ian White revealed:

He might be advised to stick to the barrel of oil.

Falling oil prices probably won't do much to the price of pizza and beer, sadly. But it might benefit drivers - just as long as savings get passed on at the pump.

RAC said that there was scope for retailers to cut prices by another 10c on the average price of diesel.

"We are concerned that too few drivers are benefitting from these incredibly low oil prices as many less competitive retailers are still selling fuel at far nearer to $2.28 a litre than $2.08," said Simon Williams, RAC spokesman.