Home Business News Fuel prices hit record high, may rise further

Fuel prices hit record high, may rise further

22nd May 18 8:45 am

Find out here

The price of fuel has hit a three-and-a-half-year high to 127.22p a litre and diesel to 129.96p a litre, following a rapid rise in the price of brent crude oil.

This is not all. Experts are predicting that the prices could climb further to $100 a barrel.

RAC fuel spokesman Simon Williams told media: “Fuel prices are now at their highest since mid-October 2014, which means we are paying 25p more a litre than we were at the start of 2016. “And, sadly for motorists, and household budgets up and down the UK, the worst may be still yet to come. If the price of oil goes up towards $100 a barrel we will very likely see a return to the dark days of April 2012 when petrol and diesel hit record highs. Even though the oil price was higher then (around $120 a barrel) today’s weaker exchange rate will lead to similar prices at the pumps.

AA president Edmund King also told media: “AA research has shown that nearly two in every five drivers are already cutting back on car use, non-fuel spending or both.”

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]