Analysis by Mark Lobel, business reporter, Dubai:
Oil industry insiders tell me they think it will be a year or two until prices return to around $80 - $90 per barrel.
A senior oil executive thinks Brent crude will drop to $45 per barrel, while an engineer suggested it could drop further.
Despite this, the Saudi King used a speech, delivered by the Crown Prince on Tuesday, to again insist the oil giant will not cut production, despite themselves having to decrease discounts to Asian customers as the low prices bite.
There are other signs Saudi Arabia may be feeling the pinch a little too hard, despite its large foreign reserves and cheap production costs.
The Kingdom's main oil company has suspended a major clean fuels plant and several new rigs.
Gulf economies are now budgeting for an assumed oil price of around $60 a barrel this year but insist that they will continue spending regardless, to build and diversify their economies, incurring a deficit if needs be.
Iraq however is suffering badly. With major security challenges there, they are already budgeting for a huge deficit.
On Monday, Chancellor George Osborne tweeted that it was "vital this is passed on to families at petrol pumps, through utility bills and air fares".
Speaking BBC Radio 5 Live Sainsbury's chief executive, Mike Coupe said fuel prices could eventually fall below a pound a litre:
"We have certainly seen prices chased down, mainly by the supermarkets," he said.
"You could feasibly see fuel prices fall below the £1 barrier."
All the major supermarkets have reduced fuel prices this week.
However, former US treasury secretary Larry Summers, who says the world is not doing enough to combat climate change, warned there were increased risks associated with lower energy prices.
"The consequences of lower oil prices, lower natural gas prices, lower coal prices, is surely going to be more energy use, more emission of greenhouse gases and higher temperatures down the road," he told BBC World Service radio.
Mr Summers wants to see the widespread adoption of carbon taxes and says that the current system of combating carbon emissions is not working.
He says that putting a more appropriate price on carbon emissions would help tackle climate change.