It would appear that the last time the price of oil was below $50 per barrel was back in 2004 and early 2005.  Way back then the price of a litre of unleaded petrol was 85.2p.

Currently we are still suffering prices that are on average 7pence per litre higher than in November 2004. The average price of unleaded fuel in November was 94.9p of which 67.9% is taken as tax which compares with the 67.2% in November 2004.

We still need to see some further falls in the cost of fuel as it would appear that the fuel companies are still gouging the consumer at this point in time.