Prices set to rise a further 2p per litre over the next two weeks
The RAC recently reported that fuel prices on forecourts in the UK had hit a three and a half year high but now experts are warning drivers that further increases are on the way.
Prices are set to rise a further 2p per litre over the next two weeks, with the increasing cost of a barrel of oil to blame, now at $80 (£60) – the first time since November 2014.
It has been suggested however, that the price of a barrel of oil could jump to $100 (£75) and would be the first time since August 2014.
Should this happen, the price of fuel could reach record levels last seen in April 2012, when the average price for a litre of unleaded petrol was at 142.48p and diesel was 147.93p.
Today, this would convert as a price at the pump of 141p per litre of unleaded petrol and 144p for a litre of diesel.
This would mean motorists having to fork out £8 more to fill up a 55-litre car either with petrol or diesel.
“Fuel prices are now at their highest since mid-October 2014 (16 October 2014) which means we are paying 25p more a litre than we were at the start of 2016 when oil crashed to $26 a barrel and the average price of both fuels was around 101p,” said RAC fuel spokesman Simon Williams adding: “And, sadly for motorists, and household budgets up and down the UK, the worst may be still yet to come.”
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