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.

Prices set to rise a further 2p per litre over the next two weeks

Warning to motorists amid fears that fuel prices could rise to more than 140p per litre © Copyright David Howard and licensed for reuse under this Creative Commons Licence.

 

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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