Fuelling uncertainty: rising prices at the pumps?

10th March 2017

Every motorist does it. We drive past a petrol station and glance at the illuminate prices. We hope for two things: firstly, reassurance that the last price per litre we paid was less than that one displayed here; and secondly, that the general price we’re seeing from station to station, day to day, isn’t rising.

Fleet managers stare exceptionally hard at such prices, as they’re multiplying these figures mentally across all the company’s vehicles.

Last year, us drivers had it pretty good with prices at the pump. Relatively speaking, of course (the prices can never can go low enough), but this year, we watched those illuminated figures climb steadily higher. Underseen from general eyes, the price of oil worldwide was surging. In January, the price of oil was $28 dollars a barrel. By September, it was just shy of $50 per barrel. Our wallets felt it.

On top of this, the surprising Brexit vote caused the value of the pound to weaken and the cost of imports to thereby rise. If all that wasn’t enough, some of the world’s largest oil producers decided to actually limit oil production in an attempt to push up prices.

With no sign of global oil prices easing, and with a Prime Minister dead set on triggering Article 50, the future of those illuminated prices at the pump is looking glaringly expensive.

What can we do?

Read more about it in Fleet Matters.