Oil price increase to impact petrol

Written by Molly

UK motorists could face higher fuel costs in the coming months as a result of a recent jump in the price of oil, the AA has warned.

The Times reports a five per cent increase in crude oil values was witnessed in commodities markets over recent days and this upsurge in price could lead to an associated jump in the price of petrol and diesel to UK drivers.

Brent Crude values reached their highest mark in 18 months earlier this week, while a similar peak was seen in the price of West Texas Intermediate Oil – the US benchmark.

Spokesman for the AA Luke Bosdet warned: “It’s beginning to look like a bleak mid-winter for pump prices.

“We’re holding out hope for the current oil oversupply to blow a cold wind of reality back into the oil market and knock the oil price back down somewhat, as it has four times previously this year.”

It means the cost of a litre of unleaded petrol could now reach 120p early in the new year – a level not seen in the UK since Christmas 2014.

Natalie Brinkley, brand manager at Fuel Card Services, adds: “The price of fuel is one of the most important elements of affordable motoring in the UK. This expected increase could therefore prove costly to millions of road users in the months ahead.”

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Posted on 14th December 2016

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